ut References Mailings Review View Help Tell me what you want to do Font Paragra
ID: 3282243 • Letter: U
Question
ut References Mailings Review View Help Tell me what you want to do Font Paragraph Styles 1. Choose a car that you wish to own, and find the price of this car. For this example, only consider new cars to purchase from a dealership. This will be your principal value, P. (3 points) Principal, P 548,795 2. Research available interest rates on this particular.car. This will be the rate, r. (3 points) Rate in decimal form, r | 1196 Decide how long you would like to take to pay off this car. Choose within 2 to 5 years. This will be the time, t. (3 points) 3. Time,t 4 years w much interest will be added to the The simple interest formula,- Prt, can tell you ho principai amount of this loan. Calculate the interest on your loan. 4. I- $21.469.80 will be added to the principal amount of this loan.Explanation / Answer
Solution
= 48795*0.11*4
= $21,469.8
5. Total payment = Principle + Interest
= 48795+21469.8
= $70264.8
6. Monthly payment = Total payment / Total month
= 70264.8/48
= $1463.85
7. Down payment = 6%
= 6/100 * 48795 = $2927.7
Therefore net vaue = 48795-2927.7
p= $45867.3
8. Interest for new principle = p*r*t
= 45867.3*0.11*4
= 20181.61
Total payment = 45867.3+20181.61
= 66048.91
New monthly installment = 66048.91/48
= $1376.019
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