Rachel took out a personal loan for $4,500 with a monthly payment of $173.06 for 36 months. determine the finance charge on rachel's loan if she takes all 36 months to pay it off. a. $48.06 b. $1,730.16 c. $4,500.00 d. $6,230.16

Question

22-03-2022
Mathematics

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Rachel took out a personal loan for $4,500 with a monthly payment of $173.06 for 36 months. determine the finance charge on rachel's loan if she takes all 36 months to pay it off. a. $48.06 b. $1,730.16 c. $4,500.00 d. $6,230.16

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ashishdwivedilVT ashishdwivedilVT · Answer 1 · 2022-03-30T11:19:19+02:00

The finance charge on Rachel's loan if she takes all 36 months to pay it off is $1730.16.

The amount of personal loan = $4500

Monthly payment =$173

Loan tenure = 36 months

The total amount that Rachel will pay for 36 months = 36*173.06

The total amount that Rachel will pay for 36 months = $6230.16

What is the finance charge?

A finance charge refers to any cost related to borrowing money, obtaining credit, or paying off loan obligations.

The finance charge on Rachel's loan if she takes all 36 months to pay it off = The total amount that Rachel will pay till 36 months - Amount of personal loan

The finance charge on Rachel's loan = 6230.16-4500 = $1730.16

Therefore, The finance charge on Rachel's loan if she takes all 36 months to pay it off is $1730.16.

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