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You borrow $24,500 to buy a car. Your monthly payment on the 5-year loan is $496.77. What is your total finance charge?
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5 votes
You borrow $24,500 to buy a car. Your monthly payment on the 5-year loan is $496.77. What is your total finance charge?

User Cristian M
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1 Answer

7 votes
60 payments of $496.77 add to 29,806.20, so the finance charges amount to
.. $29806.20 -24500.00 = $5,306.20
User Fendy
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