menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Personal Financial Planning
  4. Exam
    Exam 7: Using Consumer Loans
  5. Question
    Calculate the Finance Charge and the Monthly Payment on a $20,000
Solved

Calculate the Finance Charge and the Monthly Payment on a $20,000

Question 45

Question 45

Essay

Calculate the finance charge and the monthly payment on a $20,000 add-on installment loan with an interest rate of 9% and a term of 5 years.

Correct Answer:

verifed

Verified

Finance charge = $20...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q4: Credit unions lend money to qualified people

Q9: Collateral is an item of value used

Q24: The add-on method is less expensive than

Q41: INSTRUCTIONS: Choose the word or phrase in

Q43: Besides the finance charge,you should also consider

Q46: From a financial planning perspective,you should ask

Q49: Calculate the average percentage rate (APR)for an

Q53: Sales finance companies commonly purchase the retail

Q64: If the add-on method is used to

Q98: Consumer finance companies usually charge lower rates

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines