You decide to buy the car at the posted price (MSRP). You make a 10% down payment and finance the rest. What is your down payment amount and how much are you borrowing?

The terms of the loan are 4.99 % APR for 48 months.

o Find the monthly payment using the payment formula. First identify by listing the value of each variable in the formula: P, r, t. Remember t is the # of years.

o Calculate how much of your FIRST payment will go to interest and how much will go to paying back the principal.

o Calculate the total repaid on the loan. What was the total amount of interest paid?

5 2022 Chevrolet Spark Pros - Rock-bottom base price - Impressive selection of tech features - Excellent gas mileage $17,995 as shown Cons - Narrow range of safety features Starting MSRP $14,595