Calculate the Amount Financed, the Finance Charge, and the Total

question 60

Short Answer

Calculate the amount financed, the finance charge, and the total deferred payment price for the following installment loan, rounding dollars to the nearest cent: $$\begin{array} { l l l l l l l } \text { Purchase } & \text { Down } & \text { Amount } & \text { Monthly } & \text { Number of } & \text { Finance } & \text { Total Deferred } \\\text { Price } & \text { Payment } & \text { Financed } & \text { Payments } & \underline { \text { Payments } } & \text { Charge } & \text { Pmt Price } \\\$ 8,500 & 20 \% & &273.89 & 36&&\end{array}$$

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Definitions:

Year Terms

Fixed periods of time, often used in contracts and employment agreements, that are designated in terms of years.

Federal Trade Commission Act

A federal law established in 1914 that created the Federal Trade Commission (FTC) and provided it with the power to prevent unfair competition methods and unfair or deceptive acts affecting commerce.

Food and Drug Administration

A federal agency of the United States responsible for protecting and promoting public health through the control and supervision of food safety, tobacco products, dietary supplements, prescription and over-the-counter medications, vaccines, biopharmaceuticals, blood transfusions, medical devices, electromagnetic radiation emitting devices, and veterinary products.

Water Quality

A measure of the condition of water, based on chemical, physical, and biological characteristics, to support its intended use.