What would be the finance charge on the loan

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Reference no: EM13203963

Jeanna wants to buy a new boat for her family. She has two payments options. The first option is to pay 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 payments of $205.00. According to this information, what would be the finance charge on the loan? Show all work.

Reference no: EM13203963

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