Question

William purchased a scooter with an installment loan that has an APR of 8%. The scooter sells for $950. The store financing requires a 15% down payment and 36 monthly payments. What is the finance charge?

Answer 1

@ltrout

Answer 2

So same as we did the last problem. You're going to want to do 950 - (950 * .08) = X. Then do X - (X * .15) = ___ which will be the final answer that he is financing. You can even divide that final number by 36 to see how much he will be paying a month if you wanted to. Hope this helps, I have to go soon but if you need me to explain, I will

Answer 3

$742.9

Answer 4

?

Answer 5

@ltrout

Answer 6

Sorry for the late reply let me do the math real quick.