How do you calculate the finance charge on a loan of $8,000 with a monthly payment of $162.80 over 60 months?
To determine the finance charge on a loan, we first understand that the finance charge represents the total cost of borrowing, which includes interest rates and any additional fees. In this case, we have: Loan Amount: $8,000 Monthly Payment: $162.80 Loan Term: 60 months 1. **Find the Total Amount Paid Over the Loan Term:** Start … Read more