math

posted by Vickie

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?

  1. Ms. Sue

    7200 * 0.9 = 6480

    36 * 205 = 7380

    7380 - 6480 = $900 finance charge

Respond to this Question

First Name

Your Answer

Similar Questions

  1. math

    Determine the regular payment amount, rounded to the nearest dollar. The price of a home is $160,000. the bank requires a 15% down payment. The buyer is offered two mortgage options: 1 year fixed at 8% or 30-year fixed at 8%. Calculate …
  2. math

    Determine the regular payment amount, rounded to the nearest dollar. The price of a home is $160,000. the bank requires a 15% down payment. The buyer is offered two mortgage options: 1 year fixed at 8% or 30-year fixed at 8%. Calculate …
  3. math

    Wallace and Sarah purchased furniture for their new home. They had two payment options. The first option is to pay a cash payment of $4200. The second option is to finance the furniture with a two year installment loan. The loan requires …
  4. math

    Nathaniel want to buy a new bike. His payment options are: Option 1: Pay $2055.99 cash. He only has $400.00 saved up, so he can take out a loan for the rest from his bank at a rate of 7.25% per annum over 2 years. Option2: Take the …
  5. math

    Nathaniel want to buy a new bike. His payment options are: Option 1: Pay $2055.99 cash. He only has $400.00 saved up, so he can take out a loan for the rest from his bank at a rate of 7.25% per annum over 2 years. Option2: Take the …
  6. Business Math

    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 installment loan. The loan requires a 10% down …
  7. Math

    A family purchased a new ski boat for $20,000. The loan agency required a down payment and financed the balance for 36 months with an APR of Determine the total finance charge and monthly payment for the loan.
  8. Finance

    A family purchased a new ski boat for $20,000. The loan agency required a down payment and financed the balance for 36 months with an APR of Determine the total finance charge and monthly payment for the loan.
  9. math

    The price of a small cabin is $55,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20-year fixed at 7.5% or 30-year fixed at 7.5%. Calculate the amount of interest paid for each option. How much …
  10. math 118

    The price of a small cabin is ​$30,000. The bank requires a​ 5% down payment. The buyer is offered two mortgage​ options: 20-year fixed at 10​% or​ 30-year fixed at 10​%. Calculate the amount of interest paid for each option. …

More Similar Questions