Question

Macon Steinberg purchased a motor scooter with an installment loan that has an APR of 16 percent. The motor scooter sells for $1,687. The store financing requires a 20 percent down payment and 30 monthly payments. What is the finance charge?
Is it $312.13??

Answer 1

X=105.4375

Answer 2

Where did the 2108.75 come from?

Answer 3

105.4375 *4 ??

Answer 4

I dont understand what your saying

Answer 5

Im looking for the finance charge which= total amount repaid- amount financed

Amount financed=1687

Answer 6

You mean the monthly payment?

20% is the down payment which is 337.4

Answer 7

Monthly payment=(1687/100) * 4.07

I got the 4.07 from a chart in my book

Answer 8

Monthly payment =68.6609

Answer 9

Maby we start from the top?

Answer 10

https://the-simple-diamond-bunny.tumblr.com/post/154519565898

This is a chart that goes with the question

Answer 11

Monthly payment=(amount of loan/100)*monthly payment for a $100 loan

Total amount repaid= number of payments* monthly payments

Finance charge = total amount repaid-amount financed

Answer 12

Monthly payment=(1687/100)*4.07=68.6609

Answer 13

Total amount repaid=30*68.6609=2059.827

Answer 14

Finance charge=2059.827-1687=372.827

Answer 15

Ive triple cheked my math and i get the same answer but i found the exact same wuestion on a multiple choice quiz online

A. $300.98
B. $298.90
C. 312.13
D. 325.00

So i dont know what im doing wrong

Answer 16

It's c

Answer 17

Thanks