Purchase price of a used car: $5,553
Down Payment: $1,163
Number of monthly payments: 48
Total of monthly payments: $5,609.76
a. the amount financed,
b. the total finance charge, and
Down payment is the out of pocket payment a buyer makes at the point of sale. The difference between the price of the item and the down payment is the amount borrowed.
Answer and Explanation:
a. The amount financed = price - down payment = 5,553 - 1,163 = 4,390.
b. The total finance charge = total payment - amount financed = 5,609.76 -...
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from Business 110: Business MathChapter 7 / Lesson 6