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1. A Volvo car dealer wishes to sell a 1995 volvo 740 GLE to a customer for $10,000.00 which includes the sales tax. The customer
1. A Volvo car dealer wishes to sell a 1995 volvo 740 GLE to a customer for $10,000.00 which includes the sales tax. The customer can only make a down payment of 20% of the total cost of the car at the time of the sale. The customer has gone to his bank to finance the rest of the purchases. The bank charges 15% annual interest rate on all car notes to its customers. If the bank requires this customer to pay a monthly car note of $222.40 find: (a). The number of months required for the customer to payoff the car loan. (Hint: The months must be an integer number). (b): The amount required to payoff the loan at the end of the 8th month. (50 pts. Show work for partial credit)
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