Shania bought a 1972 drum set on the installment plan. the installment plan agreement included 20% down payment and 36 monthly payments of $52.04 each. what is the finance charge

Answer-

The finance charge is $295.84

Solution-

We know that,

As the original cost of the drum is = $1972

She paid 20% as down payment. So the amount of down payment is,

She has to pay 36 monthly payments of $52.04 each. So the amount to be paid is,

So the total amount paid will be,

Therefore, the finance charge is

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step-by-step explanation:

explanation:

step-by-step explanation: