Asked by gloria
mary smith purchased a new car for $28,750. she made a 15% down payment and financed the balance at her bank for 3 years. what payments are required at the end of every month, at 18% interest, to pay off the loan?
Answers
Answered by
Anonymous
$28750 x 15% = $4312.50 (down payment)
$28750 - $4312.50 = $24437.50 TO FINANCE
3 YEARS TO FINANCE = 36 MONTHS
24437.50 / 36 = $678.82 WITHOUT INTEREST
678.82 X 18% = 122.19
$678.82 + 122.19 = $801.01
$801.01 would be the monthly payment
$28750 - $4312.50 = $24437.50 TO FINANCE
3 YEARS TO FINANCE = 36 MONTHS
24437.50 / 36 = $678.82 WITHOUT INTEREST
678.82 X 18% = 122.19
$678.82 + 122.19 = $801.01
$801.01 would be the monthly payment
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