You purchase a new mountain bike for $1,575. you put a 10% down payment and $65.56 per month on a 24 month purchase plan. determine the total finance charge. a. $153.22 c. $155.94 b. $154.20 d. $156.23

1. Determine the down payment amount
    $1,575 x  10% = $157.5           ⇒ first payment
 
2. Determine the total payment to be made for 24 months 
    $65.56 x 24 =  $1,573.44         ⇒ total payment for 24 months
 
3. Add the first payment and the total payment for 24 months 
    $157.5 + $1,573.44 = $1,730.94  ⇒ total amount of bike including the                                                                   finance charge
4. Determine the finance charge 
    $1,730.94 - $1,575 = $155.94     ⇒ Answer   (C)

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