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a $8980 boat (taxes included) on the installment plan. made a 15% down payment 12 monthly payments of $65?
Abe purchased a $8980 boat (taxes included) on the installment plan. He made a 15% down payment and 12 monthly payments of $650. How much was the finance charge?
2 Answers
- 1 decade agoFavorite Answer
8980 (.15) to get the 15%
650(12) total montly payments
so 1347(the 15%) + 7800(total payments)
he ended up paying $9147
$9147 - $8980
he payed $167 more
- 1 decade ago
Firstly calcuate how much he had paid all togehter.
Inital payment 15% of 8980=1347
12 months of 650 = 7800
Total paid =9147
The difference between 9147 and 8980 is the finance charge.
So finance charge is 167 $
