Question

1. Andrea’s car has broken down for the third time this month, and she has decided to buy a different car. Her dream car, a 2016 Chevrolet Camaro, costs $38,000. She has a $4,000 down payment saved, and the bank is offering 3.00% APR on 60 month loans for new cars.
a. How much will Andrea need to borrow to buy the Camaro?

b. What would Andrea need to type in Excel to figure her monthly payment, and what will her monthly payment be?

c. What will the total of all of Andrea’s payments be over the lifetime of the car loan?

d. How much will Andrea pay in interest over the lifetime of the car loan?

Answer 1

A) Andrea will need to borrow $34,000 to buy the Camaro

B) Andrea will need to type =(34000x1.03 ^ 5) / 60 in Excel to figure her monthly payment, which will be $656,92.

C) The total of all of Andrea’s payments be over the lifetime of the car loan will be $39.415,31

D) Andrea will pay $5415.31 in interest over the lifetime of the car loan

Since Andrea's car has broken down for the third time this month, and she has decided to buy a different car, and her dream car, a 2016 Chevrolet Camaro, costs $ 38,000, and she has a $ 4,000 down payment saved, and the bank is offering 3.00% APR on 60 month loans for new cars, to determine A) how much will Andrea need to borrow to buy the Camaro; B) what would Andrea need to type in Excel to figure her monthly payment from her, and what will her her monthly payment be from her; C) what will the total of all of Andrea’s payments be over the lifetime of the car loan; and D) how much will Andrea pay in interest over the lifetime of the car loan, the following calculations must be performed:

• A)
• 38000 - 4000 = X
• 34000 = X

• B)
• = (34000x1.03 ^ 5) / 60
• 39.415,31 / 60
• 656,92

• C)
• 34000 x 1.03^5 = X
• 34000 x 1.1592 = X
• 39.415,31 = X

• D)
• (34000 x 1.03^5) - 34000 = X
• (34000 x 1.1592) - 34000 = X
• 39415.31 - 34000 = X
• 5415.31 = X

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