Answer:
option: C
Step-by-step explanation:
We are asked to calculate the finance charge on an $ 8000
Now as there is a monthly payment of $162.80 which is been paid for 60 months.
so, total amount paid=$(162.80×60)=$9768
Now the loan was $8000
Hence the finance charge is the charge that he paid extra along with the loan.
Hence, finance charge= total amount paid- amount of loan
Finance charge=$9768-$8000=$1768
Hence option C is correct(i.e. the finance charge on an $8000 loan with a monthly payment of $162.80 for 60 months is $1768)
