Calculate the finance charge:
$$\begin{array} { | l | l | l | l | }
\hline \begin{array} { l }
\text { Sofa } \
\text { purchase } \
\text { price }
\end{array} & \text { Down } & \begin{array} { l }
\text { Number of } \
\text { monthly } \
\text { payments }
\end{array} & \begin{array} { l }
\text { Amount of } \
\text { monthly } \
\text { payments }
\end{array} \
& \text { Payment } & \text { payments } \
\hline \$ 1,600 & \$ 400 & 12 & \$ 190 \
\hline
\end{array}$$

Question

Calculate the finance charge:
 $$\begin{array} { | l | l | l | l | } 
\hline \begin{array} { l } 
\text { Sofa } \
\text { purchase } \
\text { price }
\end{array} & \text { Down } & \begin{array} { l } 
\text { Number of } \
\text { monthly } \
\text { payments }
\end{array} & \begin{array} { l } 
\text { Amount of } \
\text { monthly } \
\text { payments }
\end{array} \
 & \text { Payment } & \text { payments } \
\hline \$ 1,600 & \$ 400 & 12 & \$ 190 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Calculate the finance charge:
 $$\begin{array} { | l | l | l | l | } 
\hline \begin{array} { l } 
\text { Sofa } \
\text { purchase } \
\text { price }
\end{array} & \text { Down } & \begin{array} { l } 
\text { Number of } \
\text { monthly } \
\text { payments }
\end{array} & \begin{array} { l } 
\text { Amount of } \
\text { monthly } \
\text { payments }
\end{array} \
 & \text { Payment } & \text { payments } \
\hline \$ 1,600 & \$ 400 & 12 & \$ 190 \
\hline
\end{array}$$

Calculate the Finance Charge