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What is the finance charge on the loan

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Q1) Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $985 per month, and the total finance charge is $9,360.

After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $).

Q2) Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed the balance with monthly payments of $237.38 for 36 months.

(a) What is the finance charge (in $) on the loan?

(b) Find what annual percentage rate was charged on Meghan's loan.

Reference no: EM132930820

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