Question

Alice purchased a truck for a cash price of $24,900. She made a 15.5% down payment and financed the balance with payments of $395.47 per month for 60 months. Determine the finance charge amount?

Answer 1

Answer:u didnt answer the question.
the question is to find the finance charge not the monthly payment. we already know the monthly payment.

Explanation:

Answer 2

I hope this can help you!

Explanation:

a. Determine the down payment.

down payment is 30% of 26,000 = 7,800.

b. Determine the amount financed

amount financed is 26,000 minus 7,800 = 18,200.

c. Determine the finance charge

finance charge is 5% / 12 = .416666...% per momth.

d. Determine the monthly payment

monthly payment is $343.46 per month.

-Agarvated