SOLUTION: james wants to buy a camper. he must finance 17000, he will have to make 36 monthly payments of 500. what finance charge will he pay?

Question 117076: james wants to buy a camper. he must finance 17000, he will have to make 36 monthly payments of 500. what finance charge will he pay?
Answer by bucky(2189) (Show Source): You can put this solution on YOUR website!
If James pays $500 per month for 36 months, he will pay a total of $18,000 for the camper because
$500 times 36 equals $18,000.
.
Since the cost of the camper is $17,000, that means that the difference between $17,000 and
$18,000 is the finance charge ... the extra money that is charged because James paid for
the camper over a period of 36 months. Therefore, the finance charge is $18,000 - $17,000 = $1,000.
.
This is the answer to the problem ... James pays $1,000 in finance charges.
.
Hope this helps you to understand the problem.
.

RELATED QUESTIONS
Bruno wants to buy a boat which costs P1,700,000. He has saved P500,000, which he will... (answered by TimothyLamb)

Jeanna wants to buy a new boat for her family. she has two payment options. the first... (answered by solver91311)

Carl purchased a $286 car stereo at Worst Buy. He paid $16 at the time of purchase and... (answered by Natalie barton)

Emil Wauseka is buying a used car with a total purchase price including interest of $14,... (answered by JulietG)

John wants to start saving for an apartment. On his 20th birthday, he starts depositing... (answered by Theo)

You want to buy a $35,000 car. You can make a 10% down payment, and will finance the... (answered by Theo,math_tutor2020)

You want to buy a $25,000 car. You can make a 10% down payment, and will finance the... (answered by Boreal)

Brad wants to have $17000 available to buy a car in 5 years. How much should he deposit... (answered by rfer)

Business and finance. Al purchased a new refrigerator that cost $736.12 with interest... (answered by checkley71)