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To Mark or decided to purchase a new DVD player on an installment loan DVD player was $295 Tim agreed to pay $31 per month for 12 months what is the finance charge in dollars?

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JeanaShupp

Answer: ⇒ The finance charge = $77


Step-by-step explanation:

Given: The cost price of DVD player= $295

Since, Tim agreed to pay $31 per month for 12 months .

Therefore, the total amount paid by Tim= [tex]31\times12=\$372[/tex]

The finance charge =[tex]\text{Amount paid by Tim - Cost price of DVD}[/tex]

⇒ The finance charge =[tex]\$372-\ $295[/tex]

⇒ The finance charge =$77

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