Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman

تمرين 38

Olivia Fast found a timeshare offer entitling her to 3 weeks per year in a Rocky Mountain townhouse. She had the option of paying $7,600 in cash or financing the timeshare with a 2-year installment loan. The loan required a 20% down payment and equal monthly payments of $283.73.
a. What is the finance charge on Olivia's loan?
b. What is the total deferred payment price of the timeshare contract?