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Explain what is the finance charge

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Reference no: EM132684497

M= ( 12) [1 - (1 + 12) -12 ] P = Principal r = interest rate t = time

Lavonda took out a $7,500 loan with an APR of 3.875% and agreed to pay it back monthly over 6 years.

Problem A. What is her monthly payment?

Problem B. How much will she pay back in total?

Problem C. What is the finance charge?

Reference no: EM132684497

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