Question

Gary is buying a $1,250 electric stove on an installment plan. He makes a down payment of $350. He has to make monthly payments of $78.25 for 1½ years. What is the total finance charge?

Answer 1

Monthly payment x months

78.25(18) = 1408.50

Add down payment


1408.5+350 = 1785.5

The financial change is:

1785.5-1,250 = 535.50