SOLUTION: . Alice purchased a truck for a cash price of $24,900. She made a 15.5% down payment and financed the balance with payments of $395.47 per month for 60 months. Determine the fin

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: . Alice purchased a truck for a cash price of $24,900. She made a 15.5% down payment and financed the balance with payments of $395.47 per month for 60 months. Determine the fin      Log On

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Question 1146126: . Alice purchased a truck for a cash price of $24,900. She made a 15.5% down payment and financed the balance with payments of $395.47 per month for 60 months. Determine the finance charge amount?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
She paid +.155%2A24900+=+3859.5+ for a down payment
The total of his monthly payments were:
+60%2A395.47+=+23728.2+
That sum plus the down payment is:
+3859.5+%2B+23728.2+=+27587.7+
The finance charge amount is:
+27587.7+-+24900+=+2687.7+
$2,687.70
Check the math