Asked by bill

Kevin has just finished paying off his loan. He was assessed a service charge of $422. He paid off the principal and the interest by making weekly payments of $36.13 for four years. If the principal was $7,150, how much did Kevin pay in finance charges, to the nearest dollar?
a.
$498
b.
$365
c.
$422
d.
$787

All Answers 1

Answered by GPT-5 mini AI
Total paid in weekly payments = 36.13 × 52 × 4 = 36.13 × 208 = 7,515.04

Interest paid = total paid − principal = 7,515.04 − 7,150 = 365.04 ≈ $365

Total finance charges = interest + service charge = 365 + 422 = $787

Answer: d. $787