Grandin wishes to take out an installment loan to finance the purchase of a small antique dining set costing $79,500. Her loan requires a 22.5% down payment and equal payments of $2,577 for 40 months. What is the amount of the finance charge on this loan? a. $38,180.64 b. $40,295.27 c .$41,467.50 d. $42,950.00

Grandin wishes to take out an installment loan to finance the purchase of a small antique dining set costing $79,500. Her loan requires a 22.5% down payment and equal payments of $2,577 for 40 months. What is the amount of the finance charge on this loan? a. $38,180.64 b. $40,295.27 c .$41,467.50 d. $42,950.00

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 19PROB

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