In order to buy a new car, you finance $29,000 with no down payment for a...
In order to buy a new car, you finance $29,000 with no down
payment for a term of five years at an APR of 3%. After you have
the car for one year, you are in an accident. No one is injured,
but the car is totaled. The insurance company says that before the
accident, the value of the car had decreased by 25% over the time
you owned it, and the company pays you that depreciated amount
after subtracting your $500 deductible.
How much money does the insurance company pay you? (Don't forget to
subtract the deductible.)
Homework Answers
Money The insurance Company Will Pay
= Cost of Car * (1- Decreeased Value of Percentage) - Amount deductible
= 29000 * ( 1-25%) - 500
= 21750 - 500
= $ 21250
So the correct answer is $ 21250
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