Question

You purchase a used car for $6400, you put $1200 downm and have a monthly payment of $176.23 for 36 months

Answer 1

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 ).