Answers for 3-6

For Problems 3-5, assume that you are thinking about buying a truck. 3. The truck you have in mind is priced at $29,200. You must pay tax and license fees of $1,900. Your credit union will make you a loan at 7.9% for 6 years. You have $3,000 to use toward the purchase. How much will you need to borrow? 4. You get the loan. Your monthly payment is $491.31. What is the finance charge? 5. What is the total cost of the truck, including finance charge? 6. You are thinking about buying a tent trailer, priced at $5,800. You must pay tax and license fees of $400. You have $900 and your credit union will loan you the remaining $5,300 with 24 monthly payments of $235.18; there are no front-end fees. What is the total cost of the tent trailer, including finance charges