John buys a car that costs $24,275 plus 13% tax.
He makes a $3000 down payment. The balance will be financed at an interest rate of 2.1% compounded monthly over 4 years a) What is the amount that will John need to finance the car?
1.13 * 24275 = 27430.75
- 3000 = 2430.75
0.021/12 = 0.00175 per month
4*12 =48 months
2430.75 * 1.00175^48 = 2643.56