maths
posted by arzam .
The cash price for a car was $7640. Gurtaj bought the car on the following terms : A deposit of 20% of the cash price and 36 monthly payments of $191.60 . Calculate the total amount Gurtaj paid.

According to actuarial math, where interest is considered, he paid $7640, (you cannot simply add "monies" that are in different time slots on a time graph.
e.g. Making $40,000 in 1985 ≠ $40,000 in 2013
If you ignore interest the total he paid
= .2(7640) + 36(191.60) = $8425.60
A more interesting question would have been to find the interest rate per annum compounded monthly that he was charged. 
Thanks. It helped me for my exam!
Respond to this Question
Similar Questions

math
Leslie bought a new car with a sticker price of $10,356. If she paid 6% sales tax, traded in her old car for $2,250, and made a 20% down payment, calculate the total amount of the purchase price that she financed. 
Math
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 … 
math
If a TV set is bought on the installment plan there is a down payment of $25 and 12 monthly payments of $15 each. The same set may be bought for cash at 12% less than the installment price. The amount saved by making a cash payment … 
math
If a TV set is bought on the installment plan there is a down payment of $25 and 12 monthly payments of $15 each. The same set may be bought for cash at 12% less than the installment price. The amount saved by making a cash payment … 
Math
The marked price of a sewing machine is $ 15,000. A 5% discount is allowed of the machine bought for cash. On hire purchase, a deposit of $ 6,000 plus three equal monthly installments of $ 3,200 is required. Hali and John bought the … 
Math
Jones bought a radio on hire purchase terms. He paid a deposit of $ 500 and 22 equal monthly installments of $ 250. If the cash price of this radio was three quarters of the hire purchase price, what was the cash price? 
Finance
You are interested in a new Ford Taurus. After visiting your Ford dealer, doing your research on the best leases available, you have three options. (i) Purchase the car for cash and receive a $1,900 cash rebate from Dealer A. The price … 
Finance
You are interested in a new Ford Taurus. After visiting your Ford dealer, doing your research on the best leases available, you have three options. (i) Purchase the car for cash and receive a $1,900 cash rebate from Dealer A. The price … 
maths
1. A ball costing €50 was increased in price by 1%. What was the new price? 
maths
Stuck on these questions! Help! 1. A ball costing €50 was increased in price by 1%. What was the new price?