Question
I am missing only one question. I will include my answers. Suppose you decide to postpone your purchase of the $24,000 car for one year
I am missing only one question. I will include my answers.
Suppose you decide to postpone your purchase of the $24,000 car for one year to save up more money to add to your $4,000 down payment. You decide to save $400 per month for exactly one year.
Round/take all answers to the nearest cent. E.g., 32.57, 23.00
Including the $4,000 you originally had and the money you saved up over the year, calculate your new down payment.8800.00
Now you will finance the rest of the price of the car with a 5-year loan at 4.5% APR. Calculate the loan principal.15200.00
Calculate the monthly payment.283.37
Calculate the total/sum of payments for the loan.25802.43
Calculate the total amount of interest paid over the term of the loan.1802.20
Altogether, including the down payment, what was the total cost of this car after financing the purchase? 25802.20
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