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Find the finance charge and total installment cost of the loan. Round to the nearest cent.
-Amount financed: $240.00
Down payment: $80.00
Cash price: $320.00
Number of payments: 12
Amount of payment: $29.11
Consideration
A concept in contract law that involves something of value exchanged between parties as part of an agreement.
Subrogation
The legal right held by insurers to pursue a third party that caused an insurance loss to the insured.
Secured
Relating to a loan or obligation that is backed by collateral, ensuring the lender has recourse in case of default by the borrower.
Obligation
A legal or moral duty to do or not to do something, often resulting from a contract or promise.
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