Algebra and Trigonometry (6th Edition)
6th Edition
ISBN: 9780134463216
Author: Robert F. Blitzer
Publisher: PEARSON
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The price of a new car is $40,000. 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 9%/year compounded monthly. (Round your answers to the nearest cent.)
(a) What monthly payment will she be required to make if the car is financed over a period of 36 months? Over a period of 48 months?
(b) What will the interest charges be if she elects the 36-month plan? The 48-month plan?
36 months | $ |
48 months | $ |
(b) What will the interest charges be if she elects the 36-month plan? The 48-month plan?
36-month plan | $ |
48-month plan | $ |
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