SOLUTION: To help consumers in this tough economic climate, Pikes Peak Harley-Davidson offered to finance a new motorcycle for qualifying customers at 15% down, 7.5% interest for 48 months d

Question 805106: To help consumers in this tough economic climate, Pikes Peak Harley-Davidson offered to finance a new motorcycle for qualifying customers at 15% down, 7.5% interest for 48 months during July 2009. Rich Martinez was interested in calculating what his monthly payment would be if he bought a $29,386 bike.

Calculate his monthly payment to the nearest cent.

Answer by josgarithmetic(39625) (Show Source): You can put this solution on YOUR website!
He will finance 29386*(0.85) and his total payments in 48 months would be

The first part in the numerator shows the amount he owes on the price, and the second part shows the amount of interest; but the entire numerator is divided into the 48 months. This is financed portion plus the interest for the financed portion.

Expression may be handled as
monthly payment.

559.40 dollars per month.
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