Pregunta
Alex wishes to take out an installment loan to finance the purchase of a lawn mower costing
monthly payments of
Select one:
a.
b.
c.
d.
monthly payments of
Select one:
a.
b.
c.
d.
Ask by Mcdonald Santiago. in the United States
Mar 12,2025
Solución de inteligencia artificial de Upstudy
Respuesta verificada por el tutor
Responder
The finance charge on the loan is $436.68.
Solución
-
Calculate the down payment:
-
Determine the amount financed (the principal of the loan):
-
Calculate the total amount paid over 9 months:
-
Compute the finance charge by subtracting the principal from the total amount paid:
Thus, the amount of the finance charge on the loan is
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Simplifique esta solución Beyond the Answer
First, let’s calculate the down payment Alex needs to make on the lawn mower. The down payment amount is calculated as
Next, we find out how much Alex will need to finance. Subtract the down payment from the total cost:
Now, let’s calculate the total payments Alex will make over the 9 months:
The finance charge is the total payments minus the amount financed:
So you should choose option d:
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