SOLUTION: A $23,000 car is purchased with a s$8300 down payment, the balance to be paid in 48 montly payments of $363.75 each, Find the total cost and the finance charge.

Question 98766: A $23,000 car is purchased with a s$8300 down payment, the balance to be paid in 48 montly payments of $363.75 each, Find the total cost and the finance charge.
Answer by malakumar_kos@yahoo.com(315) (Show Source): You can put this solution on YOUR website!

A $23,000 car is purchased with a s$8300 down payment, the balance to be paid in 48 montly payments of $363.75 each, Find the total cost and the finance charge.
cost of the car = $23,000
down payment = $8300
Balance amount = $14,700
monthly instalment = $363.75
no of instalments = 48
amount paid during instalment = $363.75x48
= $17,460
Total cost paid for the car = $25,760

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