find finance charge: multiplied $1469.96 by 15%, but...?

babymama

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Aug 27, 2008
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1
hi
I am having trouble finding the finance charge on this problem?
I multipled $1469.96 by 15% but the answer that I have to chose form is not the answer I got.
Can anyone help me with this answer. The answers to chose from are

$18.62
$19.62
$20.62
$21.62
the next prblem i got stuck on wasFind the cost of an office chair if the selling price is $129 and the item is marked up 100% of cost.

I did 129 divided by 100% but the answer is not listed.
Answer that are supplied are

$61.50
$62.50
$63.50
$64.50
 
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babymama said:
hi
I am having trouble finding the finance charge on this problem?
I multipled $1469.96 by 15% but the answer that I have to chose form is not the answer I got.
Can anyone help me with this answer. The answers to chose from are

$18.62
$19.62
$20.62
$21.62
It is most likely that you found 15% of the wrong number.

Actual Cost + Finance Charge = Total Cost

Finance Charge = Charge Percentage * Actual Cost

If you did 15% * $1,469.96, I'm guessing this is Charge Percentage * Total Cost.

In any case, there remain a few other things going on in here. Since 20/1500 < 2% (nowhere near 15%), this brings into question any guess I might have had about what you are asking. Can you please provide the EXACT problem statement? Is this a loan paid back with periodic payments? Maybe monthly over 15 years?

Give us a clue and let's see where we can go.
 
babymama said:
I am having trouble finding the finance charge on this problem?
Unfortunately, you never stated what "this problem" actually is...? Presumably, $1469.96 and fifteen percent relate to the problem in some manner, but I'm afraid there is no way to tell yet...? :oops:

babymama said:
Find the cost of an office chair if the selling price is $129 and the item is marked up 100% of cost.

I did 129 divided by 100% but the answer is not listed.
Why? What was your logic for that? :shock:

Instead, try working from the definitions and the stated exercise. How much of a thing is "one hundred percent" of that thing? So how much of the cost is "100% of cost"? If the selling price is the cost, plus 100% of the cost, then how does the selling price relate to the cost? Then, if the selling price is $129, what must have been the cost? :wink:

Eliz.
 
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