SOLUTION: Lupe made a down payment of $1800 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 11%/year compounde
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-> SOLUTION: Lupe made a down payment of $1800 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 11%/year compounde
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Question 1103064: Lupe made a down payment of $1800 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 11%/year compounded monthly. Under the terms of her finance agreement she is required to make payments of $210/month for 48 months. What is the cash price of the car? (Round your answer to the nearest cent.) Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = the cash price of the car
Let = the cost of the loan
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The loan was done after the down payment
so the amount loaned was
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Use the formula
The cash price of the car was $8,304.91
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