A loan of $900 will be repaid in 36 installment payments of $30.22 each. What the finance charge for the loan?

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asked Nov 27, 2015 130k views

1 Answer

Action Jackson · Answer 1 · 2015-12-03T05:46:35+0000

First you need to multiply 36 *$30.22=$1087.92
This gives you the total amount paid

Then subtract 1087.92-900=187.92
This gives you the amount of money you paid in finance charges.

A loan of $900 will be repaid in 36 installment payments of $30.22 each. What the finance charge for the loan?

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