Answer:
total finance charge = $12,048
Explanation:
The total finance charge represents the combination of interest and additional charges a customer incurs for borrowing.
Tim will put down $4,000 and finance $36,000 at an interest rate of 12% over a period of 60 months. His monthly payment will be $800.80, resulting in a total payment of $800.80 x 60 = $48,048 over 5 years.
To calculate the total finance charge, subtract the principal amount of the loan from $48,048:
total finance charge = $48,048 - $36,000 = $12,048
D) foreign; domestic. The central bank can enhance the domestic currency utilizing reserve sources. If the domestic currency lacks value, the central bank might engage in selling foreign currency while buying domestic currency to boost the demand for the local currency, thus elevating its market value.