Posted by **Anonymous** on Sunday, June 23, 2013 at 4:56pm.

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.)

- Algebra -
**Ms. Sue**, Sunday, June 23, 2013 at 5:00pm
(42,300 - 5,100) / 60 = ?

- Algebra -
**Anonymous**, Wednesday, November 12, 2014 at 5:06pm
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% add-on 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% add-on rate should be preferred.

0% APR

2.5% add-on rate

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