Ben has saved $7000 to spend on a car. He needs a reliable car for getting to work, so, he decides to use his savings as the down payment on a new car. He takes advantage of the year end clearance to buy a vehicle for a total of $24,950 BEFORE 13% TAX. The dealership finances the balance at 2%, compounded monthly. Ben agrees to repay the loan in equal monthly payments over 3 years. What amount will Ben need to finance?
price = 24950
13% tax = 3243.50
add those up and subtract the 7000 he has saved.
He needs to finance the rest.