Question

Jim wants to purchase a used boat. The price is $12,000 cash or $2,500 down and 24 monthly payments of $450.00. Jim decided to finance the boat.

Calculate:

The amount that will be financed. ______________

The total amount of the monthly payments. _______________

The amount of the finance charge. __________________

Answer 1

I believe these are the correct answers

The amount that will be financed. 13,300

(found by 450×24+2,500=13,300)

The total amount of the monthly payments. 10,800

(found by 450×24=10,800)

I'm unsure of what the finance charge would be because it's not mentioned in the problem. Hope these are correct and help.