Question

A customer charges a treadmill at Crane's Sport Shop. The price is $ 9000 and the financing charge is 6% per annum if the bill is not paid in 30 days. The customer fails to pay the bill within 30 days and a finance charge is added to the customer's account. What is the amount of the finance charge

Answer 1

Based on the information given the amount of the finance charge is $45.

Using this formula

Finance charge=Price× Finance charge per annum×30days/360 days

Where:

Price=$9,000

Finance charge per annum=6%

Let plug in the formula

Finance charge=$9,000×6%×30/360

Finance charge=$45

Inconclusion the amount of the finance charge is $45.

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