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

question 9

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: $\begin{array}{lllllll}\text { Purchase } & \text { Down } & \text { Amount } & \text { Add-On } & \text { Number of } & \text { Finance } & \text { Monthly } \\\text { Price } & \underline{\text { Payment }} & \text { Financed } & \text { Interest } & \text { Payments } & \text { Charge } & \text { Payment }\\\$500&10\%&&12\%&18&&\end{array}$

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Definitions:

Drop-In Tavern

A bar or tavern that encourages casual visits without the need for reservations or memberships.

SMART Goal

Stands for goals that are Specific, Measurable, Achievable, Relevant, and Time-bound, used in project management and personal development to achieve success.

Time-Bound

Relating to objectives or initiatives that have a specific duration or deadline by which they must be achieved or completed.

Motivation

is the psychological drive or force that prompts an individual to act in a certain way to achieve specific goals or satisfy needs.