A car dealer will sell you the $16,450 car of your dreams for $3,260 down and payments of $339.97 per month for 48 months. What is the total amount paid for both car and financing? (Round your answer to the nearest cent.)
$ 1
339.97 x 48= 16318.56
16318.56+ 3260= 19578.56
To find the total amount paid for both the car and financing, you need to calculate the total cost of the car and the total cost of financing.
1. Calculate the total cost of the car:
The total cost of the car can be calculated by adding the down payment to the total amount paid in monthly payments.
Down payment: $3,260
Monthly payment: $339.97
Number of months: 48
Total cost of the car = down payment + (monthly payment x number of months)
Total cost of the car = $3,260 + ($339.97 x 48)
2. Calculate the total cost of financing:
The total cost of financing can be calculated by subtracting the down payment from the total cost of the car.
Total cost of financing = Total cost of the car - down payment
3. Calculate the total amount paid for both car and financing:
The total amount paid for both car and financing can be calculated by adding the total cost of the car and the total cost of financing.
Total amount paid = Total cost of the car + Total cost of financing
Now, let's calculate the values step by step:
Total cost of the car = $3,260 + ($339.97 x 48)
Total cost of the car = $3,260 + $16,318.56
Total cost of the car = $19,578.56
Total cost of financing = $19,578.56 - $3,260
Total cost of financing = $16,318.56
Total amount paid = $19,578.56 + $16,318.56
Total amount paid = $35,897.12
Therefore, the total amount paid for both the car and financing is $35,897.12.