Fixed installment loans?

You plan to purchase items for$500and will finance the cost with a fixed installment loan. The seller tells you that you will have to pay 20 dollars per month for 36 months.

a) What is the finance charge?

b)What is the interest rate? (Round to the nearest hundredth)


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Erdos Erdos
  • Erdos Erdos

    This took me about 30 minutes to write. Please offer higher amounts if future, otherwise users may not have enough incentive to accept.

  • Erdos Erdos

    You can use Desmos for graphing functions:

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