Algebra
posted by Anonymous on .
Assume the car can be purchased for 0% down for 60 months (in lieu of rebate).
A car with a sticker price of $42,300 with factory and dealer rebates of $5,100
(a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.)

(42,300  5,100) / 60 = ?

Assume the car can be purchased for 0% down for 60 months (in lieu of rebate).
A car with a sticker price of $42,850 with factory and dealer rebates of $5,100
(a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.)
$
(b) Find the monthly payment if financed at 2.5% addon interest for 60 months. (Round your answer to the nearest cent.)
$
(c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.)
%
(d) State whether the 0% APR or the 2.5% addon rate should be preferred.
0% APR
2.5% addon rate