document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1074662>Question 1074662</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Mike wants to buy a new car. He is able to negotiate a price of $21,500. He can secure a 48 month car loan at 6.8% if he can make a down payment of 20% of the price.\r<BR>\n" );
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document.write( "a. How much are his car payments\r<BR>\n" );
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document.write( "b. At the end of 20 months, Mike gets a bonus from work, and he decides to pay off his car loan. How much does he owe after 20 months? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #689628 by </B><A HREF=/tutors/aboutme.mpl?userid=jorel1380><B>jorel1380(3719)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jorel1380><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=jorel1380><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=689628\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The price of the car is $21500. Mike makes a down payment of 20%, or $4300; leaving him with a balance of $17200. So, the total loan is worth:<BR>\n" );
document.write( "17200 x (1+(4 x 0.068))=17200 x 1.272=21878.4\r<BR>\n" );
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document.write( "a.Since his payments are monthly, those amount to $455.80/month\r<BR>\n" );
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document.write( "b.21878.4-(20x455.8)=$12762.40 as the remaining balance after 20 months. &#9786;&#9786;&#9786;&#9786; </SPAN>\n" );
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