hello,

i just want to check if the below answers are correct:

Question 5: (20 points)

1. A university graduate bought a new car. The cash price is $ 41,500; he made a $ 4,000 down payment on it. The bank's loan was for 24 months. Finance charges totaled $ 13,000. What was the monthly payment? (8 points)

Answer:

Given	Required
Car Cash Price = $ 41,500 Down Payment = $ 4,000 Finance Charges = $ 13,000 Banks loan = 24 months	Car Monthly Payment

Total Car Price = Car Cash Price + Finance Charges

= 41,500 + 13,000

= $ 54,500

Total Car Price after down payment = Total Car Price Down Payment

= 54,500 4000

= $ 50,500

Car Monthly Payment = Total Car Price after down payment # of Bank`s month= 5050024=$ 2104.166667