Answer:
The amount financed is $5,200
Step-by-step explanation:
Amount of finance is the price after making down payment being financed by a bank or institution or any individual to purchase an asset on some agreed terms.
Price of the car = $6,400
Down payment = $1,200
Amount financed = Purchase price - Down payment
PLacing values in the formula
Amount financed = $6,400 - $1,200
Amount financed = $5,200
Amount of finance is $5,200, Whereas total payments in 36 months are $6,344.28 against finance of $5,400 and the interest payment is $944.28 ( $6,344.28 - $5,400 ).
