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9 April, 20:21

Choose the correct answers for amount financed and the finance charge in dollars for the following problem. Curtis Hindle purchased a mountain bike for $550.00 with 75% down. He will make 12 payments of $25.40 each. What is the total amount paid (including down payment) and finance charge in dollars? The total paid (including down payment) is $. The finance charge in dollars is $

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  1. 9 April, 20:40
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    Total paid = $717.3

    Finance charge = $167.3

    Step-by-step explanation:

    The cost price of mountain bike = $550

    The down payment on bike = 75% of $550 = 0.75 * 550 = $412.5

    We know that he will make 12 payments of $25.40 each so total monthly payments = 12 * 25.40 = $304.8

    The total amount paid = Down payment + Total monthly payments = $412.5 + $304.8 = $717.3

    The finance charge = Total amount paid - Cost price = $717.3 - $550 = $167.3
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