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What is the amount of the finance charge on the loan

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Reference no: EM133176680

Question - An Auntie Anne's franchise financed a $68,000 pretzel oven with a 6 1/2% add- on interest installment loan for 48 months. The loan required a 20% down payment.

Required -

a. What is the amount of the finance charge on the loan?

b. How much are the monthly payments?

c. What annual percentage rate is being charged on the loan?

d. If the company decides to pay off the loan after 22 months, what is the amount of the loan payoff?

Reference no: EM133176680

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