Question

Molly has a $2500 down payment saved for this purchase. Molly assumes the $1500 cash allowance will come straight off her total. How much loan does molly need?.

Answer 1

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.

What Is the Manufacturer's Suggested Retail Price (MSRP)?

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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