# Math

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

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1. You did not specify how much was borrowed.

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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 :)

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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.

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Ms. Sue

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