posted by Anonymous
A loan requires A 12% down payment and 24 equal monthly payments of $195.00 the amount that needs to be borrowed is $4,200 please explian how to figure this out 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. That gives you the finance charge that you said in your first post that you needed.
If you post your answer, we'll be glad to check it.