Question

Question 5: A university graduate bought a new car. The cash price is \$ 36,000; he...

Question 5:

1. A university graduate bought a new car. The cash price is \$ 36,000; he made a \$ 2,000 down payment on it. The bank's loan was for 20 months. Finance charges totaled             \$ 10,000. What was the monthly payment?

1. A steel factory bought a new equipment. The cash price of the equipment is \$ 18,000, putting down \$ 7,600 and financing the remainder with 20 monthly payments of \$ 578 each. Find the APR by table lookup.

C. A university graduate bought a new car. The cash price is \$19,000; he made a \$ 1,400 down payment on it. The bank's loan was for 20 months. Finance charges totaled \$ 4,900. What was the monthly payment?

(i)Cash price of the vehicle = 36,000

(iii) Remaining amount to be paid (i-ii)=34,000

(iv) Total Finance cost = 10,000

(v) Total payment to be made (iii+iv) =44,000

vi)  Payment per month to be made = 44,000/20= 2200/-

(i)Cash price of the vehicle = 19,000

(iii) Remaining amount to be paid (i-ii)=17,600

(iv) Total Finance cost = 4,900

(v) Total payment to be made (iii+iv) = 22,500

vi)  Payment per month to be made = 22,500/20= 1125/-

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