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VLD [36.1K]
3 years ago
15

Choose the correct answers for amount financed and the finance charge in dollars for the following problem. Curtis Hindle purcha

sed a mountain bike for $550.00 with 75% down. He will make 12 payments of $25.40 each. What is the total amount paid (including down payment) and finance charge in dollars? The total paid (including down payment) is $ . The finance charge in dollars is $
Mathematics
1 answer:
gulaghasi [49]3 years ago
3 0

<u>Answer:</u>

Total paid = $717.3

Finance charge = $167.3

<u>Step-by-step explanation:</u>

The cost price of mountain bike = $550

The down payment on bike = 75% of $550 = 0.75 * 550 = $412.5

We know that he will make 12 payments of $25.40 each so total monthly payments = 12 * 25.40 = $304.8

The total amount paid = Down payment + Total monthly payments = $412.5 + $304.8 = $717.3

The finance charge = Total amount paid - Cost price = $717.3 - $550 = $167.3

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