Michael wants to purchase a jeep. The purchase price of the Jeep is $37,000. The dealership will allow him to pay cash or finance the Jeep with a down payment of
$5,000.00 and 60 monthly payments of $625.00. Michael chose to finance the jeep.
Answer the following questions.
a) What is the amount financed?
b) What is the total amount of monthly payments?
C} What is the amount of the finance charge?

A) $32,000 B) $37,500 C) $5,500

Step-by-step explanation:

Price of jeep: $37,000

Michael uses $5,000 of his own money toward that total $37,000-$5,000= $32,000

Monthly payments $625.00×60months=$37,500

After paying $5,000 of his own money, & bringing theamount owed to $32,000. Michael still has to pay back $37,500. Making, the finance chardge $5,500. ($37,500-$32,000= $5,500)

b.

step-by-step explanation:

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