SOLUTION: Jeanna wants to buy a new boat for her family. she has two payment options. the first option is to pay a cash payment of $7,200. the second option is to finance the boat with a thr

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Question 320608: Jeanna wants to buy a new boat for her family. she has two payment options. the first option is to pay a cash payment of $7,200. the second option is to finance the boat with a three-year installment loan. the loan requires a 10% down payment and 36 equal monthly payments of $205. according to this information, what would be the finance charge on the loan?
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


The down payment plus the total of the payments minus the sales price:




You can do your own arithmetic.

John