Maria and John decide to shop for furnishings for the new house. They choose items that amount to $5600.00. The store has 2 fixed installment simple interest loan options for purchasing: Option 1: 20%...


Maria and John decide to shop for furnishings for the new house.  They choose items that amount to $5600.00.  The store has 2
fixed installment simple interest loan
options
for purchasing:



Option 1: 20% down payment and financing at 5%
simple interest per year for 3 years.


What is the finance charge/interest be? Show the work




Jun 08, 2022
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