Determine the finance charge on an $8,000 loan with a monthly payment of $162.80 for 60 months
A) $29.47
B) $162.80
C) $1,768.00
D) $9,768.00
Please explain
With a monthly payment of $162.80 for 60 months. I multiplied 162.8 by 60, my answer was $9,768. $9,768 minus $1,768 is equal to $8,000. So, the finance charge for the $8,000 loan is $1,768.
