Question

Determine the finance charge on a $6,500 loan with an interest rate of 9.5% compounded monthly over 36 months.

Answer 1

Answer:

the answer is letter C. 995.56 just took the test

Step-by-step explanation:

Answer 2

For the answer to the question above, asking to determine the finance charge on a $6,500 loan with an interest rate of 9.5% compounded monthly over 36 months.
6500( 1+ 0.95/36)^1
6500 (1+0.0263888888888889)
6500(1.0263888888888889)
=6671.527777777778
Now deduct that to the original FV
6671.53-6500= 

The answer is 
171. 53 is the interest

i hope my answer helped you.