November 25, 2015

Homework Help: finite math

Posted by Amber on Saturday, May 7, 2011 at 4:35pm.

The price of a new car is $16,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 6%/year compounded monthly. (Round your answers to the nearest cent.)

What monthly payment will she be required to make if the car is financed over a period of 48 mo? Over a period of 72 mo?

What will the interest charges be if she elects the 48-mo plan? The 72-mo plan?

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