Chelsea made monthly payments for four years before her $13,440 loan was paid off. The loan had an interest rate of 5. 86%, compounded monthly. Chelsea paid $156. 60 in service charges. To the nearest tenth, what percentage of the total cost of the loan did her finance charges comprise? Round all dollar values to the nearest cent. A. 13. 6% b. 10. 9% c. 9. 4% d. 11. 9%.

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14-03-2022
Mathematics

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Chelsea made monthly payments for four years before her $13,440 loan was paid off. The loan had an interest rate of 5. 86%, compounded monthly. Chelsea paid $156. 60 in service charges. To the nearest tenth, what percentage of the total cost of the loan did her finance charges comprise? Round all dollar values to the nearest cent. A. 13. 6% b. 10. 9% c. 9. 4% d. 11. 9%.

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psm22415 psm22415 · Answer 1 · 2022-03-25T16:35:38+01:00

There are 11.9% of the total cost of the loan did her finance charges comprise, the correct option is D.

How to find the total finance charge?

The total finance charge is the amount of money a consumer pays for borrowing money on a credit card.

Given

Chelsea made monthly payments for four years before her $13,440 loan was paid off.

The loan had an interest rate of 5. 86%, compounded monthly.

Chelsea paid $156. 60 in service charges.

The percentage of the total cost of the loan did her finance charges comprise is;

[tex]\rm\dfrac{ 13,440(\dfrac{0.0586}{12})}{(1-(1+\dfrac{0.0586}{12})^{-48}})= 15,109.44 \\\\15,109.44 + 156.60 = 15,266.04\\\\ 15,266.04 - 13,440.00 = 1,826.04 \\\\=\dfrac{1,826.04}{15,266.04}\\\\ =11.96\ Percentage[/tex]

Hence, there are 11.9% of the total cost of the loan did her finance charges comprise.

To know more about finance charge click the link given below.

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