Welcome to Westonci.ca, your go-to destination for finding answers to all your questions. Join our expert community today! Explore a wealth of knowledge from professionals across different disciplines on our comprehensive platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.
Sagot :
The total finance charge was equal to $9300 that is option A is correct.
Whenever a consumer buys a large commodity such as a bike, car or any vehicle, the individual usually pays a certain sum of money while the rest he pays in the form of EMI with monthly or yearly payments. The payment made at the time of purchase is known as the down payment. EMI is also known as Equated Monthly Installment. According to the question, Marmee bought truck for $38000, and the down payment was $600. She paid $590 as monthly EMI. Now the formula for calculating the total finance charge will be
Total finance charge = Months(EMI) - (Cost of truck - Down payment)
Total finance charge = 70($590) - ($38000 - $6000)
Total finance charge = $41300 - $32000
Total finance charge = $9300
Learn more about EMI at:
brainly.com/question/22493968
#SPJ4
Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.
