How much will the monthly payment be for a new car priced at $14,350 if the current finance rate is 36 months at 3. 16%? Include

Question

3 years ago

6

financing the 8% TT&L and make a 30% down payment.
a)$279. 03

b)$325. 44

c)$305. 48

d)$436. 40

e)$398. 61

1 answer:

expeople1 [14] · Answer 1 · 2022-10-05T21:45:33+03:00

The monthly payment for the new car is; Choice A; $279. 03

<h3>Percentages</h3>

After the down payment of 30% and financing the 8% TT&L is made; it follows that;

The rest of the payment is;

Hence, $8,897 is the payment made over the course of the duration at a finance rate of 3.16%.

Ultimately, the monthly payment is; $8,897 × 0.0316 = $279.03