Question

Ray borrows b dollars over a 2 1/2 year period. The monthly payment is m dollars. Express his finance charge algebraically.

Answer 1

Using algebraic concept, the expression which represents the finance charge paid by Ray over the period is ;

• 30m - b

The finance charge is the interest paid on the amount borrowed :

Total amount borrowed = b

Monthly payment = m

Period = 2.5 years = 2.5 × 12 = 30 months

Hence, he'll have to pay back $m each month for 30 months

Total amount paid back = $30m

Finance charge = Total amount paid back - amount borrowed

Therefore, the Finance charge = 30m - b

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