Calculate the amount financed, the finance charge, and the total deferred payment price for the following...

Question

Question

Answer 1

Answer #1

1) amount financed = purchase price -down payment
down payment = 3100*15% = 465
amount financed = 3100-465 = 2635

2) monthly payment (cumulative) = monthly payment*no of payment
monthly payment (cumulative ) = 258 * 12 = 3096
finance charge = 3096 - 2635 = 461

3) Total deferred payment price
down payment				465
add: total monthly payment				3096
total deferred payment price				3561

Answer 2

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