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Determine the finance charge on a $7,200 car loan if monthly payments were $158.50 for 48 months.

$7,608

$408

$150

$3



PLAESE HURRY

Sagot :

Using proportions, it is found that the finance charge was of $408.

What is a proportion?

A proportion is a fraction of a total amount.

In this problem, monthly payments of $158.50 were made for 48 months, hence the total amount paid was of:

48 x $158.5 = $7,608.

The finance charge is the price financed subtracted by the fixed price, hence:

$7,608 - $7,200 = $408.

The finance charge was of $408.

More can be learned about proportions at https://brainly.com/question/24372153

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