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Question 3 : Dennis purchased a new Honda Civic selling for $ 2 6 , 0 0 0 . Dennis paid 2 0 % as
Question : Dennis purchased a new Honda Civic selling for $ Dennis paid as a down payment and financed the balance with a month fixed installment loan with an APR of a Determine the down payment. b Determine the amount borrowed. c Determine the monthly payment. d What is the extra cost to finance the car? The Installment Buying formula below may be provided to the student. monthly payment amount financed annual interest rate as a decimal number of payments per year time in years
Question :
Dennis purchased a new Honda Civic selling for $ Dennis paid as a down payment and financed the balance with a month fixed installment loan with an APR of
a Determine the down payment.
b Determine the amount borrowed.
c Determine the monthly payment.
d What is the extra cost to finance the car?
The Installment Buying formula below may be provided to the student.
monthly payment
amount financed
annual interest rate as a decimal
number of payments per year
time in years
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