Olivia Fast found a timeshare condominium she wanted to buy in the Rocky Mountains.

Olivia Fast found a timeshare condominium she wanted to buy in the Rocky Mountains.

Olivia Fast found a timeshare condominium she wanted to buy in the Rocky Mountains.
She had the option of paying $7,600 in cash or financing the condo with a 2-year installment loan. The loan required a 20% down payment and equal monthly payments of $283.73.
a. What is the finance charge on Olivia’s loan?
b. What is the total deferred payment price of the condo?