Molly has a $2500 down payment saved for this purchase, and the dealer’s $1500 Cash Allowance will come straight off her total.
How much loan does Molly need?
2 answers:
Answer:
$24,495
Explanation:
Molly selected the Latitude trim for her Patriot SUV and the total purchase price used for this example = $25,495.
Since Molly has $2,500 for a down payment, but $1,500 are needed to pay for expenses related to the car dealer, she will need to borrow = purchase price + dealer's cash allowance - Molly's down payment = $25,495 + $1,500 - $2,500 = $24,495
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