58-(1/4)2 i dont get how to solve this
2 answers:
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Answer: 4.64%
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Answer:
(a)
Original price for the Car Rhianna buy = $14,390.
Trade in allowance she has =$1000
So, the reduced price= $14,390-$1,000=$13,390.
Now, she make a $1500 down payment initially, so the remaining amount she pay using Auto-Loan is, $13,390-$1500=$11,890
Therefore, $11,890 money will she borrow in an auto loan.
(b)
To find the monthly(M) auto payment be:
Since the monthly auto payment in 4 year with 2.6% APR(Annual percentage rate)
Now, Monthly Auto payment(M) be :
P=$11,890, Monthly Car payment per $1000 borrowed at 2.6% for 48 months = $21.958
∴
On solving we get, M=$261.082
Therefore, $261.082 will be her monthly auto payment.
(c)
Total amount of interest(A) she will pay ,
A=total payment in 4 years-total loan amount=
=$12,531.936-$11,890=$641.936
So, the total amount of interest she will pay is, $641.936
(d)
Rhianna total payment for the car = total payment in 4 years+Down payment==$12531.936+$1500=$14,031.936
(e)
∵ Rhianna is 22 years female :
From the given Data in the picture:
Rating factor= 1.2
Liability insurance 50/100/25 , Bodily injury 50/100
Premium= $310 and Property damage 25 : Premium $175
Collision insurance=$500 deductible: Premium $148
Comprehensive insurance= $500 deductible : Premium $85
Her total annual premium