Choose the correct finance charge in dollars for the following problem. tommy hayden decided to purchase a new moped on an installment loan. the moped was $1,500.00. he agreed to pay $150 a month for 12 months. what is the finance charge in dollars? the finance charge is $

The finance charge is $300.

Step-by-step explanation:

Given : Tommy Hayden decided to purchase a new moped on an installment loan. The moped was $1,500.00. He agreed to pay $150 a month for 12 months.

To find : What is the finance charge in dollars?    

Solution :

Tommy Hayden agreed to pay $150 a month for 12 months.

So, He paid

The moped was $1,500.00.

The finance charge is total paid - the actual price

Therefore, The finance charge is $300.

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step-by-step explanation: