what the rebate of the finance charge and payoff would be if the pickup truck loan were paid off after 27 months instead of 60. Total of monthly payments 60 x 194.38.
I don't know how to get the total finance charge
To calculate the total finance charge, we need to know the interest rate on the pickup truck loan. Once we have that information, we can use the formula below:
Total Finance Charge = (Monthly Payment x Number of Payments) - Loan Amount
From the provided information, we know that the monthly payment is $194.38, and the number of payments is 60. To find the loan amount, we need to divide the total monthly payments by the number of payments:
Loan Amount = Total Monthly Payments / Number of Payments
Loan Amount = (60 x $194.38) / 60
Now, we need the interest rate on the loan to calculate the finance charge. Once we have that information, we can proceed with the calculation.