Choose the correct answers for amount financed and the finance charge in dollars for the following problem.

Curtis Hindle purchased a mountain bike for $650.00 with 75% down. He will make 12 payments of $24.38 each. What is the total amount paid (including down payment) and finance charge in dollars?

The total paid (including down payment) is $.

a. 780.06

b. 749.62

c. 751.62

The finance charge in dollars is $.

a. 130.06

b. 110.06

c. 120.06

Question

13 June, 05:55

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Answers (1)

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Shaffer · Answer 1

Total amount paid = (0.75 x 650) + (12 x 24.38) = 487.50 + 292.56 = $780.06

The finance charge is (780.06 - 650.00) = $130.06