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olganol [36]
1 year ago
8

9. A car dealership offers a loan with 4% interest for 48 months, and you plan to purchase a car for $20,000. You can afford a d

own payment of $2,500.(a) What will your monthly payment be? $(b) How much will you pay in total for the car? $(c) How much will you pay in interest over the life of the loan? $

Mathematics
1 answer:
Lady bird [3.3K]1 year ago
4 0

SOLUTION

Since you can afford a down payment of $2,500, the remaining money needed to purchase the car becomes

\begin{gathered} 20,000-2,500 \\ =17,500 \end{gathered}

Now, we will find the simple interest on $17,500 for 48 months, which is 4 years. This becomes

\begin{gathered} I=\frac{PRT}{100} \\ I=\frac{17,500\times4\times4}{100} \\ I=2,800\text{ dollars } \end{gathered}

(a) What will your monthly payment be? $

We will add this interest to the $17,500 and divide by 48 months to get the monthly payment. This becomes

\begin{gathered} 17,500+2,800=20,300 \\ \frac{20,300}{48}=422.91666 \\ =422.92 \end{gathered}

Hence, the answer is $422.92

(b) How much will you pay in total for the car? $

To get this, we add the $20,300 (that we divided by 48 months), to the initial down payment made. This becomes

\begin{gathered} 20,300+2500 \\ =22,800 \end{gathered}

Hence, the answer is $22,800

(c) How much will you pay in interest over the life of the loan? $

We have initially found the interest as 2,800 dollars.

Hence the answer is $2,800

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