Question

To pay for a $23,700 motorcycle, Carmen made a down payment of $3900 and took out a loan for the rest. On the loan, she paid monthly payments of $438.27 for 4 years.
(a) What was the total amount Carmen ended up paying for the motorcycle (including the down payment and monthly payments)?
-Would the answer equal out $36,692.4.

(b) How much interest did Carmen pay on the loan?
-$6,496.2

just wondering if I'm correct

Answer 1

Step-by-step explanation:

a.) = 24,936.96

b.) = 1,236.96

hope it's helpful

Answer 2

Answer:

a.)

Carmen paid monthly payments of $438.27 for 4 years.

i.e.,

1 year = 12 months

4 year = 12 × 4 = 48 months

So,

438.27 × 48 = $21,036.96

Now, the total amount including down payment is,

$21,036.96 + $3900 = $24,936.96

Thus, The total amount Carmen ended up paying for the motorcycle (including the down payment and monthly payments) is $24,936.96.

 

b.)

Interest did Carmen pay on the loan,

$24,936.96 - $23,700 = $1236.96

Thus, The answer is $1236.96.

 

-TheUnknownScientist 72