Your purchase costs $4, 900.25, including tax. You sign an installment loan to pay $1, 200 as a down payment. The remainder including the finance charge will be paid in 40 monthly installments of $102.58. What is the total amount repaid?

Question

Your purchase costs $4, 900.25, including tax. You sign an installment loan to pay $1, 200 as a down payment. The remainder including the finance charge will be paid in 40 monthly installments of $102.58. What is the total amount repaid?

Answer 1

The total amount paid as a down payment and in monthly installments is:

$1,200 (down payment) + ($102.58 x 40 months) = $1,200 + $4,103.20 = $5,303.20

However, the question asks for the total amount repaid, including the finance charge. Without knowing the interest rate or any additional fees associated with the loan, it is impossible to calculate the finance charge. Therefore, the answer is $5,303.20.