Math

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

  1. 👍
  2. 👎
  3. 👁
  1. You did not specify how much was borrowed.

    1. 👍
    2. 👎
    👤
    bobpursley
  2. 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 :)

    1. 👍
    2. 👎
  3. 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.

    1. 👍
    2. 👎
    👤
    Ms. Sue

Respond to this Question

First Name

Your Response

Similar Questions

  1. Mortgage ARM math

    A borrower received a 30-year ARM mortgage loan for $200,000. Rate caps are 3/2/6. The start rate is 3.50% and the loan adjusts every 12 months for the life of the mortgage. The index used for this mortgage is LIBOR (for this

  2. math

    Belle had the choice of taking out a four year car loan at 8.5% simple interest or a Five year loan at 7.75% simple interest. If she borrows $15,000, how much interest would she pay for each loan? Which option requires less

  3. Business Finance

    Assume a bank loan requires a interest payment of $85 per year and a principal payment of $1,000 at the end of the loan's eight-year life. a) How much could this loan be sold for to another bank if loans of similar quality carried

  4. Math/Finance

    Jasmine is taking out a small business loan for her floral shop. She plans to apply for a $30,000 loan with a 5-year term and a 3.75% interest rate. She is unsure of her expected monthly profits, so she wants to know the benefit

  1. math

    2s^3 – 4r^1 r = 1 and s = 5 explian how to solve it

  2. Finance

    You have arranged for a loan on your new car that will require the first payment today. The loan is for $32,000, and the monthly payments are $620. Required: If the loan will be paid off over the next 60 months, what is the APR of

  3. Finance

    You have arranged for a loan on your new car that will require the first payment today. The loan is for $38,500, and the monthly payments are $690. If the loan will be paid off over the next 69 months, what is the APR of the loan?

  4. f

    You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 35-year mortgage for 85 percent of the $3,100,000 purchase price. The monthly payment on this loan will be $17,200. What is the APR on this

  1. Fiancial Management

    You decide to purchase a building for $30,000, you put $5,000 down payment. The banks offers you a 15 yr mortgage requiring annual end of year payments of $3,188. The bank also requires you to pay a 3% loan originatio fee. Compare

  2. Math

    This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $108,123

  3. Math

    Suppose you take out a 45​-year ​$100,000 mortgage with an APR of 6​%. You make payments for 2 years ​(24 monthly​ payments) and then consider refinancing the original loan. The new loan would have a term of 20 ​years,

  4. Math

    Choose the one alternative that best completes the statement or answers the question. Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent. Martin takes out a

You can view more similar questions or ask a new question.