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31 March, 14:58

Tim Worker decided to purchase a new DVD player on an installment loan. The DVD player was $365.00. Tim agreed to pay $36.00 per month for 12 months. What is the finance charge in dollars?

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  1. 31 March, 15:38
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    Lets solve for the finance charge in dollars when Tim agreed to pay $36 for 12 months. We formulate an equation by enumerating the following:

    1.) Total amount that Tim paid for the DVD player is $36 times 12 months is equal to $432.

    2.) Total amount paid is the summation of DVD player original price plus the result of multiplication of finance percent charge and original price.

    Equation is $365 + ($365x%charge) = $432.

    Solve for % charge,

    %charge = ($432-$365) / $365

    %charge = 0.1834 or 18.4%

    Therefore, the finance charge in dollar is $67.
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