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If you borrow 2800 to buy a computer and you repay the loan in 24 months by making payments of 125 each month how much was the finace charge?
Wiki User
∙ 11y ago
2800/24 = 116.66 (what you would be paying with no interest)
125 (monthly price with interest) - 116.66 = 8.34
8.34* 24 (months paid) = 200.16
So the interest is 200.16
and the total price will be 3000.16
Wiki User
∙ 11y ago
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