Question

Sammy wants to buy a new stereo priced at $442. He enters into an agreement to pay

$20 a month for 24 months. How much will the finance charge be for this purchase?
State your answer in terms of dollars rounded to the nearest cent (hundredth).

Answer 1

Explanation:

Cash Price = $442

installments of $20 for 24 months = $480

in the end, he would be paying $38 dollars more.