Posted by **Vickie** on Sunday, April 7, 2013 at 8:49pm.

Jeanna wants to buy a new boat for her family. She has two payment options. The first option is to pay a cash payment of $7,200. The second option is to finance the boat with a three-year instalment loan. The loan requires a 10% down payment and 36 equal monthly payments of $205. According to this information, what would be the finance charge on the loan?

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