Find the finance charge per $100 on a loan of $12,600 with a finance charge of $1,638.
$1,638/$12,600 = finance charge per $1.00 = $0.13/$1.00.
Multiply both numerator and denominator by 100 in order to increase the $1.00 to $100.00 = answer $13/$100.
To find the finance charge per $100 on a loan, you need to divide the finance charge by the loan amount and then multiply it by 100.
In this case, the loan amount is $12,600 and the finance charge is $1,638.
Finance charge per $100 = (Finance charge / Loan amount) * 100
Let's substitute the values into the formula:
Finance charge per $100 = ($1,638 / $12,600) * 100
Divide the finance charge by the loan amount:
Finance charge per $100 = 0.1298
Now, multiply by 100 to get the finance charge per $100:
Finance charge per $100 = 0.1298 * 100
Finance charge per $100 = 12.98
Therefore, the finance charge per $100 on a loan of $12,600 with a finance charge of $1,638 is $12.98.