Question

To pay for a 15,300 car, Tony made a down payment of $3900 and took out a loan for the rest. On the loan , he paid monthly payment payment of $252.34 for 4 years.

Answer 1

Answer:

a. $24,512.32

b. $712.32

Step-by-step explanation:

a. A price of car $15,300, Tony made a down payment of $3900 so car has $11,400 left of a price and took out a loan.

He paid monthly payments of $252.34 for 4 years. Which mean $252.34 is paid for 48 months, multiplication $252.34 and 48 are $12,112.32. So we have monthly payments is $12,112.32

The total amount Tony ended up for the car is $11,400 + $12,112.32 = $24,512.32

b. The interest Tony pay on the loan is $12,112.32 - $11,400 = $712.32