Question

melanie kraner bought a used car for $7465. she paid for the car with an $800 down payment and 36 monthly payments of $268.47 what total amount did melanie pay for the car? what was the finance charge on the loan?

Answer 1

She had to finance $6665.

How much did she pay, total, on time, over 36 mo.? 36($268.47) = $9664.92

Subbing $6665 from $9664.92, we find that the finance charge was $2999.92.

OUCH!