Determine the finance charge on an $8,000 loan with a monthly payment of $162.80 for 60 months
$29.47, $162.80, $1,768.00, $9,768.00

Solution:

Given that, loan amount = $8000

Number of instalments = 60

Monthly payment done = $162.80

Total amount paid towards the loan in 60 Months : (60 ×162.8) = 9768

Total charge on loan or the interest = 9768 - 8000 = $1768

Therefore, finance charge on loan is $1768.

Determine the finance charge on an $8,000 loan with a monthly payment of $162.80 for 60 months

Summary:

The finance charge on an $8,000 loan with a monthly payment of $162.80 for 60 months is $1768.