ED BUYS A CAR ON CREDIT, HE MAKES DOWN PAYMENT OF 1500 AND PAYS 250 PER MONTH FOR 36 MONTHS, WHAT IS THE finance charge if the cash price on the car is $9,500?
2006-07-08 23:46:21 · 3 answers · asked by Anonymous in Education & Reference ➔ Studying Abroad
0.032, 0. 32, 3.2, 32, 320.
That was easy. Kinda scares me that you had to ask that, what grade are you in?
I don't have the time to figure out the other one.
2006-07-08 23:50:29 · answer #1 · answered by heather47374 4 · 0⤊ 0⤋
The 1st one is this
0.032, 0. 32, 3.2, 32, 320.
The second one is this
250 * 36 + 1500 = 10,500
10,500 - 9,500 = 1000
So the finance charge is $1000
2006-07-09 06:56:10 · answer #2 · answered by cjm 2 · 0⤊ 0⤋
.032
.32.
3.2
32
320
Ed makes 36 payments of 250
equalling $9000 (250*36)
with his downpayment of $1,500 that makes a total of $10,500 he has payed the finance company ($9,000+$1,500=$10,500)
if the original price was $9,500, that means he payed an extra $1000 in finance charges.($10,500-$9,500=$1,000)
2006-07-09 06:56:03 · answer #3 · answered by Evan P 2 · 0⤊ 0⤋