James Alwine financed a $7,800 fishing boat with a 10% add-on interest installment loan for 18 months. The loan required a 10% down payment.
A)What was the amount of the finance charge?
B)What is the amount of the finance charge rebate if the loan were to be paid after the 10th payment? (Round to the nearest cent)
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q97: Janita purchased a luggage set costing $649.99
Q98: Suppose you have a revolving credit
Q99: Omar purchased a dining set costing $1,800.
Q100: Artimus Price's previous month's balance on his
Q101: To calculate the periodic rate of
Q103: Justin Mackey purchased a new TV set
Q104: The periods, usually 28 - 31 days
Q105: Juniper Windsong financed a $5,900 fishing boat
Q106: Armando Perez bought a $3,600 new home
Q107: Nancy finances a hot tub for $5,700
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents