We know that we have to m<span>ake a down payment of $1500 and finance the rest of $20000 at a 1.9% interest rate, making equal monthly payments for 5 years. Our first step to solve this problem would be to convert 5 years into months.
1 year = 12 months
12 * 5 = 60 months
Therefore, in 5 years there are 60 months.
Now lets solve this problem step by step.
Subtract the down payment from $20,000
</span>$20000-$1500=$18500
Multiply the remaining number by the interest rate.
$18500 *1.9 = $35150
Divide 35150 by number of months in 5 years (60)
$35150 / 60 = $585
<span>Therefore, you have to pay $585 per month.</span>
2.5y + 1.1x ∠ 10
2.5y = - 1.1x +10
y = (- 1.1/2.5)x + 4
Draw this function. It's descending (m negative). All values on the left of the lines satisfy this inequality
25978.5964401. You can type it in a calculator and get the same answer!(:
