Calculate the Amount Financed, Finance Charge, and the Amount of the Monthly

question 61

Short Answer

Calculate the amount financed, finance charge, and the amount of the monthly payments for the following add-on interest loan, rounding dollars to the nearest cent: $\begin{array}{lllllll}\text { Purchase } & \text { Down } & \text { Amount } & \text { Add-On } & \text { Number of } & \text { Finance } & \text { Monthly } \\\text { Price } & \text { Payment } & \text { Financed } & \text { Interest } & \text { Payments } & \text { Charge } & \text { Payment } \\\hline \$ 16,000 & 20 \% & & 14.5 \% & 36 & &\end{array}$

---

Definitions:

Tenant Farmer

A farmer who rents land to cultivate, rather than owning it, often under terms that can include part of the harvest as rent payment.

Popular Front

A broad coalition of different political groups, often including socialists and communists, formed to oppose fascism or promote leftist policies during the 20th century.

American Culture

The set of customs, traditions, and values shared by people in the United States, influenced by various immigrant and indigenous cultures.

Filipino Repatriation Act

A law enacted in the United States which facilitated the return of Filipino nationals to the Philippines from the United States during the early 20th century.