# Math

Samantha is going to buy a new Dodge Saturn for \$20800. After a 5% down-payment the dealership will offer a loan for the remaining value of the car at 3.25% APR for 4 years.

Round all answers to the nearest penny. Use Web Loan Calculator to find some of the answers here.

How much will Samantha have to have for a down-payment?

\$

How much money is Samantha going to borrow for the car?

\$

How much will Samantha have to pay per month for 4 years?

\$
per month

How much will Samantha actually pay for the car?

Don't forget the Down Payment.

\$

How much of this last answer is the interest payed on this loan?

\$

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3. 👁 86
1. a. D.P. = 0.05 * 20,800 = \$1,040.

b. Po = 20,800 - 1040 = \$19,760 = Amt. borrowed.

c. P = Po*r*t/(1-(1+r)^-t).

r = 0.0325/12 = 0.0027/mo.
t = 4yrs. * 12mo./yr. = 48 mo.

P = (19,760*0.0027*48)/(1-1.0027^-48) = \$21,034.03.

21,034.03/48mo. = \$438.21/mo.

d. \$21,034.03 + 1040 = \$22074.03 = Total cost.

e. I = P-Po.

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posted by Henry
2. Okay I understand the first two but not the last couple ones from c-e. Im not coming up with the same thing.

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posted by Tyreice

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