Final answer:
The finance charge per $100 borrowed for the described loan is $26.60.
Step-by-step explanation:
To calculate the finance charge per $100 borrowed for a 4 year loan with monthly payments of $369.25 and a starting principal of $14,000, we first need to find the total amount paid over the life of the loan. The loan period is 4 years, or 48 months, so the total amount paid is 48 months times the monthly payment amount:
48 x $369.25 = $17,724.00
The finance charge is the total amount paid minus the original loan amount:
$17,724.00 - $14,000 = $3,724.00
Then, to find the finance charge per $100 borrowed, we divide the total finance charge by the original principal and then multiply by 100:
($3,724.00 / $14,000) x 100 = $26.60
Therefore, the finance charge per $100 borrowed is $26.60.