Question

Kevin has just finished paying off his loan. He was assessed a service charge of $422. He paid off the principal and the interest by making weekly payments of $36. 13 for four years. If the principal was $7,150, how much did Kevin pay in finance charges, to the nearest dollar? a. $498 b. $365 c. $422 d. $787.

Answer 1

Kevin pay in finance charges the amount of approximately $787.

The weekly principal and interest amount are $36. 13 for 4 years. Here, the principal amount paid is $7,150.

Therefore, total interest plus the principal amount paid in 4 years are:

$36.13*52*4\\=7515.04.$

Here, 52 is the total week in a year that is multiplied by 4 years and payment in one week.

The service charge that Kevin intended to pay was $422, which makes the total payment as:

$7515.04 + 422\\=7937.04$

Hence, the actual finance charge would be computed as below:

$7937.04 - 7150\\=787.04.$

Learn more about finance charge payment here:

https://brainly.com/question/1444028

Answer 2

Answer:

d

Explanation

edge 2022