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olga nikolaevna [1]
3 years ago
11

Alice purchased a truck for a cash price of $24,900. She made a 15.5% down payment and financed the balance with payments of $39

5.47 per month for 60 months. Determine the finance charge amount?
Mathematics
1 answer:
GREYUIT [131]3 years ago
6 0

Answer:

I hope this can help you!

Step-by-step explanation:

a. Determine the down payment.

down payment is 30% of 26,000 = 7,800.

b. Determine the amount financed

amount financed is 26,000 minus 7,800 = 18,200.

c. Determine the finance charge

finance charge is 5% / 12 = .416666...% per momth.

d. Determine the monthly payment

monthly payment is $343.46 per month.

-Agarvated

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Learn more about z-score at:

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