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    mamhud's Avatar
    mamhud Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Mar 19, 2008, 03:38 PM
    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.
    amricca's Avatar
    amricca Posts: 851, Reputation: 92
    Senior Member
    		  
    #2

    Mar 19, 2008, 03:49 PM
    Seems right to me
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #3

    Mar 20, 2008, 10:32 PM
    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. ;)
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #4

    Mar 22, 2008, 04:50 PM
    Seems right to me too.
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