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John borrowed $1200 from his credit union at 18% simple interest. He agrees to repay the loan by making 30 equal monthly payments. 11. How much is the finance charge? (Remember interest rate and time must
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John borrowed $1200 from his credit union at 18% simple interest. He agrees to repay the loan by making

30 equal monthly payments.
11. How much is the finance charge? (Remember interest rate and time must have matching units.)

User Andrey Sarul
by
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1 Answer

7 votes
1200 (1+.8 * 30/12) = 1740.00
1740.00 - 1200 = $540

User Andrej Soroj
by
8.2k points
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