consumer math

Megan bought a car for $12,500. She made a down payment of
$3,500 and financed the rest. If she made 48 payments of $240
each, how much interest did she pay?

  1. 👍
  2. 👎
  3. 👁
  1. 12,500 - 3,500 = 9,000

    48 * 240 = 11,520

    11,520 - 9,000 = ____ total interest payments

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. finite math

    The price of a new car is $16,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 6%/year compounded monthly. (Round your answers to the

  2. Finite Math

    The price of a new car is $24,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 10%/year compounded monthly. (Round your answers to the

  3. math

    Chiara purchased a new natural gas barbecue for $2,500 and made a down payment that was 30% of the purchase price. She financed the remaining balance for 9 months at an annual interest rate of 5.5% compounded monthly. What is

  4. Finance

    Steve and Ed are cousins who were both born on the same day, and both both turned 25 today. Their grandfather began putting $2,500 per year into a trust fund for Steve on his 20th birthday, and he just made a 6th payment into the

  1. physics : different question

    Rank the automobiles based on the magnitude of the force needed to stop them, from largest to smallest. 2000 kg car going 5m/s 500 kg car going 20 m/s 1000 kg car going20m/s 500 kg car going10m/s 1000 kg car going10/s 4000 kg car

  2. Business Math

    Alicia borrowed $8,500 at 6% ordinary interest for 180 days. After 40 days, she made a partial payment of $2,000. After another 70 days, Alicia made a second partial payment of $2,000. What is the final amount due on the loan?

  3. Math

    You bought a new car for $26,500 in 2005, and the value of the car depreciates by $900 each year. Find a formula for V, the value of the car, in terms of t, the number of years since 2005.

  4. MATH

    Dave takes out a 24-year mortgage of 210,000 dollars for his new house. Dave gets an interest rate of 13.2 present compounded monthly. He agreed to make equal monthly payment, the first coming in one month. After making the 68th

  1. physics

    Rank these automobiles based on the magnitude of the impulse needed to stop them, from largest to smallest. 2000 kg car going 5m/s 500 kg car going 20 m/s 1000 kg car going20m/s 500 kg car going10m/s 1000 kg car going10/s 4000 kg

  2. accounting

    Tracy Migre, a certified public accounting, has completed the following transactions. Ms.Migres assests , liabilites, and owner equity account titles and balances are shown in the table below. use the table on the page to show the

  3. math

    Chiara purchased a new natural gas barbecue for $2,900 and made a down payment that was 30% of the purchase price. She financed the remaining balance for 9 months at an annual interest rate of 5.5% compounded monthly. What is

  4. algebra

    Assume the car can be purchased for 0% down for 60 months (in lieu of rebate). A car with a sticker price of $42,500 with factory and dealer rebates of $5,100 (a) Find the monthly payment if financed for 60 months at 0% APR.

You can view more similar questions or ask a new question.