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26 January, 18:47

Tim worker decided to purchase a new DVD player on an installment loan the DVD player was $365. Tim agreed to pay $36 per month for 12 months what is a finance charge in dollars

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  1. 26 January, 19:54
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    finance charge in dollars = $67

    Step-by-step explanation:

    DVD player was $365

    Tim agreed to pay $36 per month for 12 months

    Total amount agreed to pay = 36 * 12 = $432

    cost of DVD is 365

    Total amount agreed = cost of DVD + cost of DVD * % charge

    432 = 365 + 365 * % charge

    Subtract 365 on both sides

    67 = 365 * % charge

    Divide by 365 on both sides

    % charge = 0.1835616

    finance charge in dollars = $67
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