Kevin has just finished paying off his loan. he was assessed a service charge of $422. he paid off the principal and the interest by making weekly payments of $36.13 for four years. if the principal was $7,150, how much did kevin pay in finance charges, to the nearest dollar?

For E2020 the choices are a.  $498 b.  $365  c.  $422  d. $787 and the correct answer is d. $787

Explanation:

If Kevin paid $36.13 per week for 4 years, then he paid: $36.13 x 52 weeks x 4 years = $7515.04.

So, he was assessed a service charge of $422. Therefore, $7515.04 + $422 = $7937.04; this is the total amount he paid.

To calculate the finance charges we subtract: $7937.04 - $7150 = $787.04.

Therefore, he had $787.04 from finance charges.

first one

explanation:

disadvantages of leasing a vehicle: no vehicle equity and mileage limitations

disadvantages of purchasing a vehicle: large down payment and vehicle depreciation

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