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Curtis Hindle purchased a mountain bike for $650.00 with 75% down. He will make 12 payments of $24.38 each. What is the total amount paid (including down payment) and finance charge in dollars?

The total paid (including down payment) is $

The finance charge in dollars is $

2 Answers

7 votes
The total paid (including down payment) is
650×0.75+24.38×12=780.06
The finance charge in dollars is
780.06−650=130.06
User Maureen Moore
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2 votes

Answer:

The total amount paid = $780.06.

The finance charge = $130.06

Explanation:

We have been given that Curtis Hindle purchased a mountain bike for $650.00 with 75% down. He will also make 12 payments of $24.38 each.

First of all let us find the amount of down payment paid by Curtis Hindle by calculating 75% of $650.


\text{Amount of down payment}=(75)/(100)* \$650


\text{Amount of down payment}=0.75* \$650


\text{Amount of down payment}=\$487.5

Now let us find the amount paid for 12 payments by multiplying 12 by $24.38.


\text{Amount of 12 monthly payments}=12* \$24.38


\text{Amount of 12 monthly payments}=\$292.56

To find the total amount paid by Curtis we will add the amounts paid for down payment and 12 monthly payments.


\text{Total amount paid by Curtis Hindle}=\$487.5+\$292.56


\text{Total amount paid by Curtis Hindle}=\$780.06

Therefore, the total amount paid by Curtis Hindle is $780.06.

To find the amount of finance charges we will subtract the cost of bike from total amount paid.


\text{The amount of finance charge}=\$780.06-\$650


\text{The amount of finance charge}=\$130.06

Therefore, the finance charges is $130.06.

User Pelle Nilsson
by
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