Answer:
The finance charge is $29,719.2
Step-by-step explanation:
Given data:
Total amount of purchased car = $32,000
down payment is $6000
thus total amount left after giving down payment is $26000
Interest rate is 6.76% for a period of 48 months
Monthly payment is $619.15
from the data given above we have installment amount of loan as
[tex]= $619.15\times 48\ month = $29,719.2[/tex]
The finance charge is $29,719.2
