can you please explain the problem step by step?

Thanks!

1. Joe charges a chair that retails (cash price) for $ The payments are for 12 months. The installment price is $503 (no down payment). What is the finance charge? 1. $41.50 2. $41.92 3. $34.00 4. $31.56 1. Joe charges a chair that retails (cash price) for $ The payments are for 12 months. The installment price is $503 (no down payment). What is the finance charge? 1. $41.50 2. $41.92 3. $34.00 4. $31.56