Ask Question
28 April, 06:27

Determine the finance charge on a $6,500 loan with an interest rate of 9.5℅ compounded monthly over 36 months

+1
Answers (2)
  1. 28 April, 06:36
    0
    A = P (1+r/n) ^ (nt)

    A = 6,500 (1 + 0.095/12) ^36

    A = 8,633.76

    8,633.76 - 6,500 = 2,133.76

    answer: finance charge would be $2,133.76
  2. 28 April, 09:13
    0
    The finace charge is $24,631.58
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Determine the finance charge on a $6,500 loan with an interest rate of 9.5℅ compounded monthly over 36 months ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers