Posted by Anonymous on Tuesday, November 13, 2007 at 4:45am.
please explian thanks :)
I need to know how to figure out ....
A loan requires a 12% down payment and 24 equal monthly payments of $195.,what would the finance charge of the loan be

Math  bobpursley, Tuesday, November 13, 2007 at 7:28am
You did not specify how much was borrowed.

Math  Ms. Sue, Tuesday, November 13, 2007 at 12:35pm
First take 12% of $4200. Subtract it from $4200. That gives you the amount you're financing.
Next multiply 24 * 195. That gives you the total amount you'll pay.
Subtract the amount you're financing from the amount you'll pay.
Divide the amount you're financing by this difference.
If you post your answer, we'll be glad to check it.
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