What is the total finance charge for a $4,250 loan at 13.25% interest compounded monthly for 24 months? ( i hate asking for , but i am very bad at could someone possibly me figure it out? by going through the steps)
a.
$25.47
b.
$202.55
c.
$611.20
d.
$4,861.20

There is a formula for a loan : A = P * r * ( r + 1 ) ^n / (( r + 1 ) ^n - 1 ), where P is the loan and A is the monthly payment. So P = $4,250 and r = 0.1325 : 12 = 0.011. ( 13.25 % = 0.1325 and we divide it by 12, because the interest is compounded monthly ). A = 4,250 * 0.011 * 1.011^(24) / ( 1.011^(24) - 1 ) = 4,250 * 0.11 * 1.3 / 0.3 = 4,250 * 0.0477; A = $202.55. Finally we have to multiply this sum by 24 : the total finance charge: $202.55 * 24 = $ 4,861.20. D ) $4,861.20

In mathematics, more specifically calculus, L'Hôpital's rule or L'Hospital's rule (French: [lopital]) provides a technique to evaluate limits of indeterminate forms. Application (or repeated application) of the rule often converts an indeterminate form to an expression that can be easily evaluated by substitution.

Hopefully this helps!!