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In Mathematics / High School | 2014-03-16

A loan of $900 will be repaid in 36 installment payments of $30.22 each. What is the finance charge for the loan?

Asked by lsmith0830

Answer (2)

First you need to multiply 36 *$30.22=$1087.92 This gives you the total amount paid
Then subtract 1087.92-900=187.92 This gives you the amount of money you paid in finance charges.

Answered by Beanie | 2024-06-24

The finance charge for a loan of $900, repaid in 36 installments of $30.22 each, is $187.92. This amount represents the cost of borrowing the money. It is calculated by subtracting the original loan amount from the total amount paid over the life of the loan.
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Answered by Beanie | 2024-10-10

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