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# I am so lost trying to figure this out, any advice on how to solve it?

Rita bought a camcorder on the installment plan. The purchase price was $1,500. She paid $500 down and made 12 monthly payments of $102.50. Find the finance charge she paid.

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- Anonymous9 years agoFavorite Answer
How much did Rita pay in total:

$500 (down payment) + 12 months * $102.50 per month, giving us:

$(500 + (12 * 102.50)), or:

$(500 + 1230), or

$1730.

What's the original price? $1500. So Rita paid $1730 - $1500, or $230, in finance charges.

Hope this helps.

- Eliot KLv 79 years ago
The finance charge would be the Total Paid minus Actual Cost ($1,500)

This is a very simple problem.

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