Based on the calculations, Tim's total finance charge would be equal to $12,048.
The total finance charge can be defined as the amount of interest and other expenses which a customer would have to pay a lender, for borrowing an amount of money (credit).
In this scenario, Tim's monthly payment would be equal to $800.80 and after five (5) years, the total amount of money he'll pay is given by:
Total amount = $800.80 × 12 × 5
Total amount = $48,048.
For the total finance charge, we have:
Total finance charge = Total amount - Principal
Total finance charge = 48,048 - 36,000
Total finance charge = $12,048.
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