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Licemer1 [7]
3 years ago
15

Tamora just made the last of her monthly payments on her loan. She had been making these payments for the past nine years. The l

oan had a principal of $10,675 and an interest rate of 4.75%, compounded monthly. In addition, Tamora paid $939.25 in service charges. What was Tamora’s total finance charge? Round all dollar values to the nearest cent.
a.
$939.25
b.
$11,614.25
c.
$3,403.53
d.
$2,464.28
Mathematics
2 answers:
Jobisdone [24]3 years ago
6 0
<span>principal = 10,675
interest rate = 4.75% per year compounded monthly.
additional $939.25 was paid in service charges.

Annuity Payment PV
10,675 * (4.75%/12) </span>÷ [1 - (1+ 4.75%/12)^-12*9] 
<span>10,675 * 0.00396 </span>÷ [1 - (1.00396)^-108]
<span>42.273 </span>÷ (1 -  0.655) 
42.273 ÷ 0.345 = 122.53

122.53 * 108 = 13,233.24   interest and principal

13,233.24 + 939.25 - 10,675 = 3,497.49  

The answer is closer to Choice C. The minimal difference in amount is due to the rounding off of decimal places.
Law Incorporation [45]3 years ago
4 0
Answer : $3403.53

Detailed Solution: 
<span>principal was 10,675
interest rate was 4.75% per year compounded annually.
additional $939.25 was paid in service charges.
payment on the principal plus interest is shown below: 

pv = 10675
i = .0475/12 = .0039583333... per month.
n = 9 * 12 = 108 months.
fv = 0
pmt = 121.6635... per month
total finance charge would be (108 * 121.6635... + 939.25 - 10675).
that equals to 13139.66 + 939.25 - 10675 = 3403.91 
</span>
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