February 26, 2017

Homework Help: Math

Posted by Sarah on Monday, March 11, 2013 at 2:07pm.

Jim made a down payment of 1000 dollars toward the purchase of a car. To pay the balance of the purchase price, he has secured a loan from his bank at the nominal rate of 5.1 percent per year compounded monthly. Under the terms of his finance agreement, he is required to to make payments of 300 dollars per month for 36 months.
What is the cash price of the car?
How much, in total, will Jim spend on interest charges?

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