Question

Find the amount financed and the finance charge in dollars for the following problem. Choose the right answers. Joshua Bennett purchased a television for $245.95 with 40.25% down. He will make 6 payments of $25.83 each. What is the total amount paid (will include down payment) and finance charge in dollars? The total paid (including down payment) is $. The finance charge in dollars is $.

Answer 1

Total paid including down payment
245.95×0.4025+25.83×6
=253.97
finance charge
253.97−245.95
=8.02

Answer 2

25.83 x 6 = 154.98

If the purchased television is 245.95 and you make 6 payments that total in
154.98 dollars, the down payment will be what is left.

40.25% = 0.4025 

245.95 x 0.4025 = 98.99 

98.99 dollars off the original price.

245.95 - 98.99 = 146.96

The down payment made the total come to 146.96. 
146.96 + 154.98 = 301.94

The total amount paid is 301.94 including charge and down payment.