Question

You purchased a new washer and dryer for $1,258.05 (including sales tax and delivery) financing was used for the full purchase price and the payments are $142.03 per month for 12 months. What is the cost of the loan

Answer 1

The total payment for 12 months is:

$142.03 x 12 = $1704.36

thus, if the cost of the new washer and dryer was $1,258.05, the cost of the loan would be:

$1704.36- $1,258.05 = $446.31

So that, we can conclude that the correct answer is:

$446.31