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Tom Brown decided to purchase a new bike on an installment loan. The bike was $300.00. He agreed to pay $30 a month for 12 months. What is the finance charge in dollars? The finance charge is
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Tom Brown decided to purchase a new bike on an installment loan. The bike was $300.00. He agreed to pay $30 a month for 12 months. What is the finance charge in dollars?

The finance charge is

User StanislavK
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1 Answer

1 vote
The answer is $60. $30 × 12 = $360 – $300 = $60.
User Twilker
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