Let x2

Oh, boy! Look at that monthly payment from Question 2 above! Molly cannot afford the monthly payment using the 0% financing. She

viktelen [127]

The car payment plan that has an APR of 1.9% is, on the short term, pocket

friendly.

The correct responses are;

First part: The amount of loan Molly needs is $22,495

Second part: Molly's monthly payment will be approximately $286.2

Third part: The total interest Molly will pay using the plan is approximately $1,545.8

Fourth part: The amount the car costs Molly using the plan is approximately $26,540.8

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, r = 1.9%

First Part:

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

The amount of loan Molly needs = $22,495

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 M ≈ $286.2

Third part:

The total interest, I = Sum of payment - Loan amount

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

The total interest Molly will pay using the loan, I ≈ $1,545.8

Fourth part:

The cost of the car, C, 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 ≈ $26,540.8

The question parameters obtained from a similar question are;

Selling price of the car = $25,495

Financing = 1.9% APR for 84 months with a cash allowance of $500

Learn more about loan payment here:

brainly.com/question/1040657

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3 years ago

A moving walkway at the airport moves at a pace of 1.8 feet per second. If you stand on the walkway as it moves, how long will i

miv72 [106K]

Answer:

150 seconds

Step-by-step explanation:

use the velocity equation of

$V=\frac{delta(D)}{Delta(T)\\}$

Where V is in feet per second, Delta D represents the change in displacement and delta t represents the change in time

all you need to do is rearrange the equation to find Delta(T)

as such...

$Delta(t)*V=Delta(D)\\Delta (t)=\frac{Delta(D)}{V}\\Then\ insert\ your\ corresponding\ values\\\Delta(t)=\frac{270 ft}{1.8 feet/sec} \\Delta (t)= 150sec$

3 0

2 years ago

DUE TODAY PLEASE HELP!!!!! (MARCH 11TH) A sailboat travels 3 miles in 1.5 hours the table below shows the distance traveled by t

Yuki888 [10]

Answer: each 0.5 hour or 30 minutes they travel 1 mile

Step-by-step explanation:

so just keep adding 1 mile each 0.5 hour

3 0

3 years ago

What are the factors of 15 18 and 12?

Dmitry_Shevchenko [17]

15 has 1,3,5,15
18 has 1,2,3,6,9,18
12 has 1,2,3,4,6,12

6 0

3 years ago

A right cone has a slant height of 20 feet, and the diameter of the base is 24

ipn [44]

Answer:

D. 16 ft

Step-by-step explanation:

h = √20² - (24/2)² = √400-144 = √256 = 16

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3 years ago