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Answer :
Final answer:
The amount financed is $995., the installment price is $1,125, and the finance charge is $30.
Explanation:
To calculate the amount financed, installment price, and finance charge for the ice machine use the following formulas:
Amount Financed:
Amount Financed = Cash Price - Down Payment
Amount Financed = $1,095 - $100
Amount Financed = $995
Installment Price:
Installment Price is the total amount paid over the 18-month period.
Installment Price = (Monthly Payment) x (Number of Months)
Installment Price = $62.50 x 18
Installment Price = $1,125
Finance Charge:
Finance Charge = Installment Price - Cash Price
Finance Charge = $1,125 - $1,095
Finance Charge = $30
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