Question

What is the monthly payment What is the total payment? Find the finance charge,for a $8,000 4-year loan with an APR of 3%?

Answer 1

8,960.66

Explanation:

In general, the length of the billing cycle is at least 15 days and no longer than 90 days.

The finance charge for a billing cycle is 960.66.

The new opening balance in the following billing cycle is 8,960.66.