What is the total finance charge for a $4,250 loan at 13.25% interest compounded monthly for 24 months? a. $25.47 b. $202.55 c. $611.20 d. $4,861.20

Option c. $ 611.20 will be correct.

Explanation:

Since, the total amount of finance charge is

Where P is the principle, r is the rate, n is the times of compound interest (monthly or quarterly etc.) .

Here P=$4250 r=13.25%, and n=24.

So according to the formula So, the finance charge= =  $ 611.20

c is the correct answer

step-by-step explanation:

step-by-step explanation:

i think you should think about the question and not look online.