Algebra

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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 -

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

  • Algebra -

    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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