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28 September, 10:12

A loan of $900 will be repaid in 36 installment payments of $30.22 each. What the finance charge for the loan?

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  1. 28 September, 12:21
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    First you need to multiply 36 * $30.22=$1087.92

    This gives you the total amount paid

    Then subtract 1087.92-900=187.92

    This gives you the amount of money you paid in finance charges.
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