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Molly is celebrating her exciting new career and wants to upgrade her junky old car for a shiny new Jeep Patriot. She heads to Jeep's
Molly is celebrating her exciting new career and wants to upgrade her junky old car for a shiny new Jeep Patriot. She heads to Jeep's website and sees the following financing deals:
Finance for 0% apr
for 36 months
plus up to 1,500 cash allowance
Note: For this activity, assume Molly's going to pay the exact MSRP of $25,495. This is most likely NOT true, but we'll use it for simplicity.
Answer the following questions using the details from the 0% APR offer above. Please round all answers to the nearest dollar.
- Molly has a $5000 down payment saved for this purchase, and the dealer's $1500 Cash Allowance will come straight off her total. How much loan does Molly need
- How much will Molly's monthly payment be?
- How much total interest will Molly pay using this plan?
- When Molly adds all of her payments, how much will the car cost her?
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