The price of a new car is $12.000. Assume that an Individual makes a down payment of 25 toward the purchase
The price of a new car is $12.000. Assume that an Individual makes a down payment of 25 toward the purchase of the car and secures financing for the balance at the rate of 5 compounded monthly. (Round your answers to the nearest cent.)
(a) What monthly payment will she be required to make if the car is financed over a period of 36 months?
(b) What will the interest charges befshe elects the 36-month plan so-month plans.
Homework Answers
| Amount borrowed | 9000 | |
| a | Monthly payment | |
| 36 months | $269.74 | |
| 60 months | $169.84 | |
| b | Interest charges | |
| 36 months | $710.57 | |
| 60 months | $1,190.47 |
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The price of a new car is $12.000. Assume that an Individual makes a down payment of 25 toward the purchase
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