Answer:
A down payment of $5,388.50 to get the principle to $19611.50 for a monthly payment of $400 for 60 months at 8.25%
Step-by-step explanation:
I used a payment calculator
I don't know how else to solve the problem. I thought I could find the equation, but I don't think this is it, since P didn't equal 19611.50
A = P[r(1+r)n] / [(1+r)n - 1]
if you have the correct formula follow this process
A = 400 P principle ??? r = i%/12 = 0.0825/12 = 0.006875 n= 5×12 = 60
solve for P then down payment = 25000 - P
P = A / [r(1+r)n] / [(1+r)n - 1]
= A [(1+r)n - 1] / [r(1+r)n]
= 400 [(1 +.006875)60 -1] / [0.006875( 1 +0.006875)60]
