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grandymaker [24]
3 years ago
12

alex purchased a 2010 model sedan for $24,000. The dealership offered him a $199/month payment plan for 48 months, at the end of

which the unpaid balance will be due. If the interest rate is 6%, find the balloon payment due at the end of 48 months.
Mathematics
2 answers:
trapecia [35]3 years ago
7 0

a = prt

a = 24,000 x 0.06 x(48 / 12)(you have to turn months into years)

a = 24,000 x 0.06 x 4

a = $5,760

The payment due is $5,760

frutty [35]3 years ago
6 0

Answer:

$19,726.27 Apex

Step-by-step explanation:

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a)

well, she put 4000, and she earned in interest 960, so her accumulated amount is just their sum, 4960.

b)

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\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill&960\\ P=\textit{original amount deposited}\dotfill & \$4000\\ r=rate\to r\%\to \frac{r}{100}\dotfill\\ t=years\dotfill &3 \end{cases} \\\\\\ 960=(4000)(r)(3)\implies \cfrac{960}{(4000)(3)}=r\implies 0.08=r \\\\\\ \stackrel{\textit{converting to percentage}}{r=0.08\cdot 100}\implies r=\stackrel{\%}{8}


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\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill\\ P=\textit{original amount deposited}\dotfill & \$4000\\ r=rate\to \stackrel{8+1}{9\%}\to \frac{9}{100}\dotfill&0.09\\ t=years\dotfill &3 \end{cases} \\\\\\ I=(4000)(0.09)(3)\implies I=1080 \\\\[-0.35em] ~\dotfill\\\\ \stackrel{\textit{at 9\%}}{1080}-\stackrel{\textit{at 8\%}}{960}\implies \stackrel{\textit{that much more}}{120}

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