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Oksi-84 [34.3K]
3 years ago
12

5+4 X 2+6-2 X 2-1

Mathematics
1 answer:
Dahasolnce [82]3 years ago
3 0
<span><span><span><span><span>(<span>5+4</span>)</span><span>(2)</span></span>+6</span>−<span><span>(2)</span><span>(2)</span></span></span>−1</span><span>=<span><span><span><span><span>(9)</span><span>(2)</span></span>+6</span>−<span><span>(2)</span><span>(2)</span></span></span>−1</span></span><span>=<span><span><span>18+6</span>−<span><span>(2)</span><span>(2)</span></span></span>−1</span></span><span>=<span><span>24−<span><span>(2)</span><span>(2)</span></span></span>−1</span></span><span>=<span><span>24−4</span>−1</span></span><span>=<span>20−1</span></span><span>=<span>19</span></span>
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Oh, boy! Look at that monthly payment from Question 2 above! Molly cannot afford the monthly payment using the 0% financing. She
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friendly.

The correct responses are;

  • First part: The amount of loan Molly needs is <u>$22,495</u>
  • Second part: Molly's monthly payment will be approximately <u>$286.2</u>
  • Third part: The total interest Molly will pay using the plan is approximately <u>$1,545.8</u>
  • Fourth part: The amount the car costs Molly using the plan is approximately <u>$26,540.8</u>

Reasons:

The question parameters are;

Molly is comparing Auto Loans on Jeep website

Selling price of the Jeep, P = $25,495

The down payment Molly has = $2,500

The Cash Allowance = $500

Number of months of payment, n = 84 months

The Annual Percentage Rate, APR, <em>r</em> = 1.9%

First Part:

Loan needed = $25,495 - $2,500 - $500 = $22,495

The amount of loan Molly needs = <u>$22,495</u>

Second Part:

The monthly payment is given by the formula;

  • \displaystyle M = \mathbf{\dfrac{P \cdot \left(\dfrac{r}{12} \right) \cdot \left(1+\dfrac{r}{12} \right)^n }{\left(1+\dfrac{r}{12} \right)^n - 1}}

Therefore;

\displaystyle M = \dfrac{22,495 \times \left(\dfrac{0.019}{12} \right) \times  \left(1+\dfrac{0.019}{12} \right)^{84} }{\left(1+\dfrac{0.019}{12} \right)^{84} - 1} \approx \mathbf{286.2}

Molly's monthly payment will be <em>M</em> ≈ <u>$286.2</u>

Third part:

The total interest, <em>I</em> = Sum of payment - Loan amount

∴ The total interest, <em>I </em>≈ $286.2/month × 84 month - $22,495 ≈ $1,545.8

The total interest Molly will pay using the loan, <em>I</em> ≈ <u>$1,545.8</u>

Fourth part:

The cost of the car, <em>C</em>, using the 1.9% APR financing plan is the sum of the down payment plus sum of the loan repayment

Therefore;

C ≈ $2,500 + $286.2/month × 84 months = $26,540.8

The cost of the car using the 1.9% APR financing plan, C ≈ <u>$26,540.8</u>

<em>The question parameters obtained from a similar question are;</em>

<em>Selling price of the car = $25,495</em>

<em>Financing = 1.9% APR for 84 months with a cash allowance of $500</em>

Learn more about loan payment here:

brainly.com/question/1040657

3 0
3 years ago
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