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12 January, 04:54

Tim worker decided to purchase a new dvd player on an installment loan. the dvd player was $295.00. tim agreed to pay $31.00 per month for 12 months. what is the finance charge in dollars?

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  1. 12 January, 06:49
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    Given:

    Price of DVD player = 295.00

    Terms: 31 per month for 12 months.

    31 x 12 = 372 total cost of DVD player

    372 - 295 = 77 finance charge

    Because Tim was not able to pay for the DVD player outright he had to pay an additional $77 as finance charge. This was a way for the seller to earn more from Tim as Tim enjoys the convenience of paying a minimal amount for a longer period of time.
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