Neal Selznick bought a new van for $10,000. Neal put down $1,000 and paid $275 monthly for 40 months. What is the total amount of finance charge that Neal paid at the end of 40 months?

Name: Neal Selznick bought a new van for $10,000. Neal put down $1,000 and paid $275 monthly for 40 months. What is the total amount of finance charge that Neal paid at the end of 40 months?
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Question

Quizplus · Accepted Answer

$275 × 40 - ($10,000 - $1,000)= $11,000 - $9,000 = $2,000.

Neal Selznick Bought a New Van for $10,000