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Determine the finance charge on a $6,500 loan with an interest rate of 9.5% compounded monthly over 36 months. a. $27.65 b. $208.21 c. $995.56 d. $7,495.56

Determine the finance charge on a $6,500 loan with an interest rate of 9.5% compounded monthly over 36 months. a. $27.65 b. $208.21 c. $995.56 d. $7,495.56
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3 votes
Determine the finance charge on a $6,500 loan with an interest rate of 9.5% compounded monthly over 36 months.

a. $27.65
b. $208.21
c. $995.56
d. $7,495.56

asked
User Oliver Zheng
by
8.1k points

2 Answers

4 votes

Answer:

$995.56

Explanation:

answered
User Cocoanetics
by
8.0k points
3 votes

It's actually C. $995.56, just got it right on Edge :)

answered
User Douglas Jones
by
8.7k points
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