Asked by arzam

The cash price for a car was $7640. Gurtaj bought the car on the following terms : A deposit of 20% of the cash price and 36 monthly payments of $191.60 . Calculate the total amount Gurtaj paid.

Answers

Answered by Reiny
According to actuarial math, where interest is considered, he paid $7640, (you cannot simply add "monies" that are in different time slots on a time graph.
e.g. Making $40,000 in 1985 ≠ $40,000 in 2013

If you ignore interest the total he paid
= .2(7640) + 36(191.60) = $8425.60

A more interesting question would have been to find the interest rate per annum compounded monthly that he was charged.
Answered by arzam
Thanks. It helped me for my exam!
Answered by theresa
$ 8425.60
Answered by Ziya
Thanks, it helped a lot
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