5-3 HW Question 3, 5.3.4 HW Score: \( 22.22 \%, 2 \) of 9 points Points: 0 of 1 Save Elaine purchased a new copy machine and financed it for one year. The installment price was \( \$ 4011.75 \) and the cash price was \( \$ 3758 \). Find the amount of finance charge using the formula Finance charge \( = \) Installment price - Cash price. The amount of finance charge is \( \$ \) \( \square \)

To calculate the finance charge, simply subtract the cash price from the installment price. So, finance charge = \$4011.75 - \$3758 = \$253.75. That's how much extra Elaine is paying for the convenience of financing! It's always enlightening to see these numbers, isn't it? When financing large purchases like a copy machine, it's important to read the terms carefully. Sometimes, additional fees or interest rates can sneak into the total price. Always compare the installment and cash options and calculate the finance charges to make informed financial decisions. A little math can save you a lot of cash!