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You borrow $24,500 to buy a car. Your monthly payment on the 5-year loan is $496.77. What is your total finance charge?

You borrow $24,500 to buy a car. Your monthly payment on the 5-year loan is $496.77. What is your total finance charge?
asked 196k views
5 votes
You borrow $24,500 to buy a car. Your monthly payment on the 5-year loan is $496.77. What is your total finance charge?

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User Cristian M
by
8.4k points

1 Answer

7 votes
60 payments of $496.77 add to 29,806.20, so the finance charges amount to
.. $29806.20 -24500.00 = $5,306.20
answered
User Fendy
by
8.5k points
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