Elaine purchased a new copy machine and financed it for one year. The installment price was $3824.25 and the cash price was $3565. Find the amount of finance charge using the formula Finance charge = Installment price – Cash price.
To find the amount of finance charge, you can use the formula:
Finance charge = Installment price - Cash price
Given that the installment price is $3824.25 and the cash price is $3565, substitute these values into the formula:
Finance charge = $3824.25 - $3565
Now, subtract the cash price from the installment price:
Finance charge = $259.25
Therefore, the amount of finance charge is $259.25.
To calculate the finance charge, you need to subtract the cash price from the installment price.
The formula is: Finance charge = Installment price - Cash price.
In this case, the installment price is $3824.25 and the cash price is $3565.
To find the finance charge, simply subtract the cash price from the installment price:
Finance charge = $3824.25 - $3565 = $259.25.
Therefore, the finance charge for Elaine's new copy machine is $259.25.
F = I - C
F = 3824.25 - 3565
F = ?