posted by Anonymous .
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
You did not specify how much was borrowed.
Sorry about that 4,200 would be the about borrowed. The loan requires a 12%
down payment and 24 equal monthly payments of $195. I need to figure out what would be the finance payment on the loan please explian how to do this thanks :)
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.