The Loan needed by Molly is $21,495
Based on the information given molly is going to pay the exact MSRP of $25,495 and Cash Allowance of $1,500
Now, let determine How much loan does Molly need:
Using this formula,
Loan needed =MSRP amount- Down Payment-Cash allowance
Where:
MSRP amount=$25,495
Down payment=$2,500
Cash allowance=$1,500
Let plug in the formula:
Loan needed=$25,495-$2,500-$1,500
Loan needed=$21,495
In conclusion, The Loan needed by Molly is $21,495.
<h2>What Is the Manufacturer's Suggested Retail Price (MSRP)?</h2>
The price a product's manufacturer advises it to be sold for at the point of sale is called the manufacturer suggested retail price (MSRP). Some retailers also use the term "list price" to refer to the MSRP. An MSRP can be assigned to any retail item, even though they are most usually associated with cars. There is also an MSRP for other expensive items like electronics and appliances.
Learn more about Molly's loan:
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