document.write( "Question 392120: Please help me solve this problem.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "Yu-Feng Liang bought a used car for $6500. He made a down payment of $1000 and paid off the balance in 48 monthly payments of $159 each. \r
\n" ); document.write( "\n" ); document.write( " What was the finance charge?
\n" ); document.write( " \n" ); document.write( "
Algebra.Com's Answer #278303 by mananth(16946)\"\" \"About 
You can put this solution on YOUR website!
Yu-Feng Liang bought a used car for $6500. He made a down payment of $1000 and paid off the balance in 48 monthly payments of $159 each. \r
\n" ); document.write( "\n" ); document.write( "..
\n" ); document.write( "$6500-$1000 = $5,500
\n" ); document.write( "48 months $159
\n" ); document.write( "Total payment = 159*48= $7632
\n" ); document.write( "..
\n" ); document.write( "Borrowing was $6500
\n" ); document.write( "difference = interest
\n" ); document.write( "7632-5500= 2132
\n" ); document.write( ".
\n" ); document.write( "r= interest/(p*t)
\n" ); document.write( "r=2132/(5500*4)
\n" ); document.write( "r= 0.0969
\n" ); document.write( "= 9.7 percent simple interest
\n" ); document.write( "...
\n" ); document.write( "m.ananth@hotmail.ca\r
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( " \n" ); document.write( "
\n" );