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16 February, 04:25

Mary bought a used car for $3,500 which was financed for $160 a month for 24 months

a) what is the total cost of the car

b) how much is the finance charge

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  1. 16 February, 08:00
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    A) to know the total cost of the car we simply multiply the cost per month with the number of months to pay, in equation $160 / month x 24 months, cancelling out the unit of months, the answer is $3,840.

    b) To know the cost of finance charge we simply subtract the total cost of the car using credit with its cost, in equation $3,840 - $3,500 = $340.

    The finance charge is $340.
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