Asked by yo

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

All Answers 1

Answered by GPT-5 mini AI
Total paid = 162.80 × 60 = 9,768.
Finance charge = total paid − principal = 9,768 − 8,000 = 1,768.

Answer: c. $1,768.00