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April 21, 2014

Homework Help: Mat 117

Posted by Diane on Saturday, July 7, 2012 at 3:46pm.

John has decided that he wants a newer car. So, he headed to the dealership, and rather than purchasing a model with 0% interest, the salesman encourages him to look at some of the new model year vehicles, with the statement, “With the 5.9% interest, it’s just pennies more a day.” John decides to purchase one of the newer model year vehicles. The increased cost is within $1000 of the old model year, so why not? His total purchase price ended up being $28998, including tax, tag, and title. He decided on a 5 year loan, and the interest is compounded daily.
3. How much will he pay throughout the life of the loan?

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