Question

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%/year 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 48 months? Over a period of 60 months?

48 months | $ |

60 months | $ |

(b) What will the interest charges be if she elects the 48-month
plan? The 60-month plan?

48-month plan | $ |

60-month plan | $ |

Answer #1

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