2 answers
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1080/4500 = x/100
= 1080/45
I don't know what formula to use
= 1080/45
1. Identify the values:
Loan Amount (A) = $4500.00
Finance Charge (F) = $1080.00
2. Calculate the finance charge per $100.00:
Divide the finance charge by the loan amount:
Finance charge per $1.00 = F / A
Finance charge per $100.00 = (F / A) * 100
So, let's plug in the values into the equation:
Finance charge per $100.00 = ($1080.00 / $4500.00) * 100
Simplify the equation:
Finance charge per $100.00 = 0.24 * 100
Therefore, the finance charge per $100.00 for a loan of $4500.00 with a finance charge of $1080 is $24.00.