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-   -   Finance cost (https://www.askmehelpdesk.com/showthread.php?t=196452)

  • Mar 19, 2008, 03:38 PM
    mamhud
    finance cost
    you purchase a car for $30000 with a down payment of $2000. You will make 60 monthly payments of $541 each. What is the total finance costs on this loan?

    My work:

    30000-2000=28000
    541*60=32460
    32460-28000=4460

    Not sure if this is the way to go or not. Seams to simple.
  • Mar 19, 2008, 03:49 PM
    amricca
    Seems right to me
  • Mar 20, 2008, 10:32 PM
    morgaine300
    Quote:
    Originally Posted by mamhud

    Not sure if this is the way to go or not. seams to simple.
    Contrary to popular belief, some things actually are fairly simple. Take advantage of them. ;)
  • Mar 22, 2008, 04:50 PM
    CaptainForest
    Seems right to me too.

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