SOLUTION: Jennifer bought a brand new sports car. the price of the car was $14,900 including sport wheels, an am/fm cd stereo, and automatic transmission. the dealer gave her a $1,250 instan
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Question 30783: Jennifer bought a brand new sports car. the price of the car was $14,900 including sport wheels, an am/fm cd stereo, and automatic transmission. the dealer gave her a $1,250 instant rebate on the price and 0% interest for 60 months. Jennifer made a down payment of $750. what would be the expression for Jennifer's monthly payments if she takes 60 months to pay the remaining balance? Answer by mbarugel(146) (Show Source):
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Since she got a rebate of $1,250 on the price, and price was $14,900, then the "net" price of the car would be:
Also, she made a down payment of 750. So the amount that has yet to be paid is:
These $12,900 are to be paid in 60 monthly payments, with 0% interest rate. The fact that the interest rate is zero simplifies things: she will simply pay $12,900 divided equally across 60 months. So the monthly payment will be:
The payment will be $215 per month
I hope this helps!
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