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: $\begin{array}{lllllll}\text { Purchase } & \text { Down } & \text { Amount } & \text { Add-On } & \text { Number of } & \text { Finance } & \text { Monthly } \\\text { Price } & \text { Payment } & \text { Financed } & \text { Interest } & \text { Payments } & \text { Charge } & \text { Payment } \\\hline \$ 16,000 & 20 \% & & 14.5 \% & 36 & &\end{array}$

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