Question

MARY BOUGHT A CAR FOR $12,785 IF MARY PAID $2,000 DOWN AND WILL PAY $273.53 FOR 48 MONTHS WHAT IS THE TOTAL FINANCE CHARGE?

Answer 1

First, we will find the amount of money she will pay in 48 months

Since she pays $273.53 for 48 months, then

$273.53x48=13,129.44$

Since she paid a $2000 down payment

Then we will add 2000 to 13,129.44 to find the total amount she paid

$T=13129.44+2000=15,129.44$

Now, we will subtract the price of the car from it to find the finance charge

Since the price of the care is $12,785, then

$\begin{gathered} T.F=15129.44-12785 \\ \\ T.F=2344.44 \end{gathered}$

She will pay $2344.44 for the total finance charge