Nathan Reynolds bought a car for $15,000. He made a down payment of $3,000. Nathan secured a loan for the balance of the purchase price at 8 percent interest for four years.
determine the monthly payment and total interest

Answers

Answer 1

Answer:

1) The monthly payment is approximately $292.96

2) The total interest is approximately $2,061.84

Step-by-step explanation:

1) The financing method Nathan Reynolds applied to buy the car is given as follows;

The purchase price of the car = $15,000

The down payment made for the car = $3,000

The

The interest on the loan he took for the balance of the purchase price, R = 8%

The number of years for which he took the loan, n = 4 years = 48 months

We have;

The balance of the purchase price = (The purchase price of the car) - (The down payment made for the car)

∴ The balance of the purchase price = $15,000 - $3,000 = $12,000

The balance of the purchase price = $12,000 = The loan Nathan secured

The monthly payment on a loan is given by the following formula

[tex]A = P \times \dfrac{r \cdot (1 + r)^n}{(1 + r)^n - 1}[/tex]

Where;

A = The payment amount made  monthly

P = The principal or loan amount = $12,000

r = The interest rate divided by 12 = R/12 = 8/12 = 2/3

n = The number of months the monthly payment will be made = 48 months

By plugging in the variable values, we get;

[tex]A = 12,000 \times \dfrac{\dfrac{2}{300} \times \left (1 + \dfrac{2}{300} \right ) ^{48}}{ \left (1 + \dfrac{2}{300} \right )^{48} - 1} = 292.955068099 \approx 292.96[/tex]

Therefore, the payment amount made  monthly, A ≈ $292.96

2) The total payment made in the 48 months = A × 48 = 292.955068099 × 48 ≈ 14,061.84

The total payment made in the 48 months ≈ $14,061.84

The total interest = (The total payment made in the 48 months) - (The loan amount)

∴ The total interest = $14,061.84 - $12,000 ≈ $2,061.84


Related Questions

Consider the function f(x) =2x+3 Find the average rate of change from the following points x=2 and x= 6

Answers

Step-by-step explanation:

step 1. m = 2.

step 2. for a linear equation the average rate of change between any points is the slope m.

What is the area of cross-section ADGF of this right rectangular prism?



A.
20 square units
B.
48 square units
C.
52 square units
D.
65 square units

Answers

Answer:

C.52 square units

Step-by-step explanation:

We are given that

Length of cross-section ADGF,l=13units

Length of cross-section ADGF, b=4 units

We have to find the area  of cross-section ADGF of this right rectangular prism.

We know that

Area of rectangle=[tex]l\times b[/tex]

Using the formula

Area of cross-section ADGF of this right rectangular prism

=[tex]13\times 4[/tex]

Area of cross-section ADGF of this right rectangular prism=52square units

Option C is correct.

C.52 square units

Answer:

i hope this helps

Step-by-step explanation:

Help.Calculate the area of the trapezoid

Answers

Answer:

180 in²

Step-by-step explanation:

[tex]A_{trapezoid}[/tex] = [tex]\frac{b_{1} +b_{2} }{2}[/tex] h

Your class earned $120.00 Saturday afternoon by washing cars to raise money for the class trip. This is 1/4 of the money needed for the trip. What is the total amount needed?

Answers

Answer:

$360.00

(I hope this was helpful)

THIS IS GEOMETRY I ONLY ahve 10 MINUTES PLEASE HELP THANK U

Answers

Answer:

i need a photo or an equation TvT

Step-by-step explanation:

TvT TvT TvT

There’s not question thought :/

Find g. 45° 45° g 3
[tex]3 \sqrt{2} [/tex]
Write your answer in simplest radical form, units​

Answers

Step-by-step explanation:

sin45=3√2/g

g=3√2/(1÷√2)=3×√2×√2=3×2=6units

Answer:

g = 6 units

Step-by-step explanation:

In the given right angled triangle , rest 2 angles are same i.e. 45° each.

Lets assume the angle opposite to the side whose measure is 3√2 units as α (alpha).

⇒ α = 45°

So ,

[tex]\sin \alpha = \frac{side \: opposite \: to \: \alpha }{hypotenuse}[/tex]

[tex]=> \sin 45 = \frac{3\sqrt{2}}{g}[/tex]  ( [tex]\alpha = 45[/tex] )

[tex]=> \frac{1}{\sqrt{2}} = \frac{3\sqrt{2}}{g}[/tex]            (∵  [tex]\sin 45 = \frac{1}{\sqrt{2}}[/tex] )

[tex]=> g = 3\sqrt{2} \times \sqrt{2} = 6[/tex]

What is the inequality for -8x>48

Answers

Answer: x<−6

Step-by-step explanation:

Find the slope!! Please

Answers

Answer:

The slope is -(1/3)

Step-by-step explanation:

For every 3rd step, the y-value decreases by 1 and the line intersects the y-axis in (0,1).

This observation yields the following equation for your line:

f(x) = y = -(1/3)x + 1

Therefore, the slope is -(1/3).

car covers x plus 2 kilometre in 1 litre how much distance it will covers in Y litres​

Answers

Answer:

y km = (x+2)y km

Step-by-step explanation:

Given that,

A car covers (x+2) kilometre in 1 litre.

We need to find the distance it will cover in y litres.

1 litre = (x+2) km

y km = (x+2)y km

Hence, it will cover (x+2)y km in y litres.

The equation below shows the total volume (V), in cubic units, of 9 identical boxes with each side equal to s units:

V = 9s3

If s = 1.6 units, what is the value of V?

23.040 cubic units
36.864 cubic units
58.980 cubic units
129.60 cubic units

Answers

36.864 cubic units is what the answer is

verify the segments are parallel

Answers

Step-by-step explanation:

I don't have a answer but try photo math app it might help you a lil

Select the correct answer. What is the value of a in the function’s equation?

Answers

Answer:

[tex]a = -2[/tex]

Step-by-step explanation:

Given

The attached function (graph)

Required

Find a

The given function is quadratic and will be solved using:

[tex]y = ax^2 + bx + c[/tex]

From the attachment:

[tex](x,y) = (-3,4)[/tex]

[tex](x,y) = (-2,2)[/tex]

[tex](x,y) = (-4,2)[/tex]

Substitute these values in [tex]y = ax^2 + bx + c[/tex]

For: [tex](x,y) = (-3,4)[/tex]

[tex]4 = a(-3)^2 + b(-3) + c[/tex]

[tex]4 = 9a -3b + c[/tex]

For: [tex](x,y) = (-2,2)[/tex]

[tex]2 = a(-2)^2 + b(-2) + c[/tex]

[tex]2 = 4a -2b + c[/tex]

For: [tex](x,y) = (-4,2)[/tex]

[tex]2 = a(-4)^2 + b(-4) + c[/tex]

[tex]2 = 16a -4b + c[/tex]

So, we have:

[tex]4 = 9a -3b + c[/tex] --- (1)

[tex]2 = 4a -2b + c[/tex] ---- (2)

[tex]2 = 16a -4b + c[/tex] --- (3)

Make c the subject in (1)

[tex]c = 4 - 9a + 3b[/tex]

Substitute [tex]c = 4 - 9a + 3b[/tex] in (2) and (3)

[tex]2 = 4a -2b + c[/tex]

[tex]2 = 4a -2b + 4 - 9a + 3b[/tex]

Collect Like Terms

[tex]-4 + 2 = 4a - 9a-2b + 3b[/tex]

[tex]-2 = - 5a+b[/tex] --- (4)

[tex]2 = 16a -4b + c[/tex]

[tex]2 = 16a - 4b + 4 - 9a + 3b[/tex]

Collect Like Terms

[tex]2 -4 = 16a - 9a + 3b- 4b[/tex]

[tex]-2 = 7a -b[/tex] --- (5)

Add 4 and 5

[tex]-2 = - 5a+b[/tex]

[tex]-2 = 7a -b[/tex]

--------------------------

[tex]-2 - 2 = -5a + 7a +b - b[/tex]

[tex]-4 = 2a[/tex]

Divide through by 2

[tex]-2 = a[/tex]

[tex]a = -2[/tex]

Convert the following quadratic equation to vertex form. 2) 3x2 - 12x - 5

Answers

Answer:

2*12x-5

Step-by-step explanation:

In geometry, a vertex form is a point where two or more curves, lines, or edges meet. As a consequence of this definition, the point where two lines meet to form an angle and the corners of polygons and polyhedra are vertices. For example, a square has four corners, each is called a vertex.

PLS SHOW HOW YOU SOLVED THE PROBLEM
15. The perimeter of an isosceles triangle is 34 inches. When you add the base of the
triangle to one of the equal sides the sum is 18. What is the length of the base of the
triangle?
a)
2 inches
go to card 3
b) 14 inches
go to card 6
c) 9 inches
go to card 9
d) 16 inches
go to card 11
e) 4 inches
go to card 13

Answers

Answer:

D

Step-by-step explanation:

just the 11b. due in 12 hrs. Need this very soon. :) thx​

Answers

Answer:

28 litres of mango juice will be required

Step-by-step explanation:

11). b. Internal dimensions of the rectangular prism are,

         Length = 40 cm

         Width = 20 cm

         Height = 35 cm

         Volume of the rectangular prism = Length × Width × Height

                                                                 = 40 × 20 × 35

                                                                 = 28000 cm³

          Since, 1 cm³ = 1 mL

          Therefore, 28000 cm³ = 28000 mL

          Since, 1000 mL = 1 L

          28000 mL = 28 L

          Therefore, to fill this jar 28 L of orange juice will be required.

2 x 5 x 10 helppppppp

Answers

Answer: 100

Step-by-step explanation:2*5 =10 then 10*10 is 100

Answer:

100

Step-by-step explanation:

so, here is how to work this problem out

2*5 = 10

10*10 = 100

Write the vertex form of the quadratic equation.
y=x – 6x + 5

Answers

Answer:

I love algebra anyways

The ans is in the picture with the  steps how i got it

(hope this helps can i plz have brainlist :D hehe)

Step-by-step explanation:

Answer:

y= (x-3)^2 -4

Step-by-step explanation:

Solve for n:
1-5|n-9|=-74

I need answer by 12:10, please help!!!

Answers

Answer:

[tex]n=-6, 24[/tex]

Step-by-step explanation:

We are given:

[tex]1-5|n-9|=-74[/tex]

Subtract 1 from both sides:

[tex]-5|n-9|=-75[/tex]

Divide both sides by -5:

[tex]|n-9|=15[/tex]

By definition of absolute value:

[tex](n-9)=15\text{ or } -(n-9)=15[/tex]

Solve for each case:

[tex]n=24\text{ or } n=-15+9=-6[/tex]

Therefore, our two solutions are:

[tex]n=-6, 24[/tex]

Which is greater 2.6 or 2.65 ?

Answers

Answer:

2.65 is greater than 2.6

Step-by-step explanation:

if 65 is greater than 60 than 2.65 is greater than 2.60

Answer:

2.6 > 2.65

Step-by-step explanation:

por liquidación,toda la ropa de invierno está en oferta,te descuentan 50 pesos por cada 100 pesos que compres ¿cuanto se deberá pagar por una chamarra cuyo precio y otal es de 850 pesos?​

Answers

Answer:

no comprendo

Step-by-step explanation:

subtract (2y + 3x-x²) from (5x²-y2-2x)​

Answers

Answer:

6x² - 5x - y² - 2y

Step-by-step explanation:

We have

5x² - y² - 2x - (2y + 3x - x² ) ← distribute parenthesis by - 1

= 5x² - y² - 2x - 2y - 3x + x² ← collect like terms

=  6x² - 5x - y² - 2y

Please help!!!

What is the missing value and why?

Answers

Answer:

11

Step-by-step explanation:

MATH PLS HELP
(7h+9)+(4h+4)

Answers

Answer:

11h+13

Step-by-step explanation:

7h+4h=11h

9+4=13

Answer:

11h+13

Step-by-step explanation:

Combine like terms.

Okay lets get one thing straight Tsukki is not a nerd he is shmexy ! And Kyo is not just "okay" he is mega hot!

Answers

Answer:

Nope. Icy-hot, you've got it all wrong, Tsukkishima is a godda.mn nerd like Deku, and Kyo is meh.

Tsukki is h o t, and will never be able to cool down

Solve the system of linear equations

Answers

Answer:

There are infinite answers. it is the same line

Answer:

Infinite solutions

Step-by-step explanation:

10.
Write a rule for the linear function in the graph.

A. y = 4/5x + 2

B. y = -5x - 2

C. y = 5/4x - 2

D. y = -4/5x + 2

Answers

Answer:

D. y = -4/5x + 2

Step-by-step explanation:

Graph the line using the slope and y-intercept, or two points.

Slope:  

4

5

y-intercept:  

(

0

,

2

)

x

y

0

2

5

2

0

solve the problem: -10 + +10 =

Answers

It equals zero negative plus positive equals zero

Answer:

0

Step-by-step explanation:

-10+ + 10

-10+10

0

WORLD PEACE EVERY WHERE
love,
compassion,
kindness,
responsibility,
humbleness,
reborn,
greatness,
success,
hopeful
, joy

Answers

Answer:

yes Amen and we also need Jesus

Step-by-step explanation:

Answer:

Yes

Step-by-step explanation:

That would solve so many problems

1. Use the distributive property to factor out the greatest common factor (GCF) and rewrite the
expression 36 minus 96.
a. 2(18-48)
B.6(6-16)
c 12 (3-8)
D. 12(6-2)

Answers

The answer would be c. 12(3-8)

Solve the equation, and choose the type of solution you
found.
2x + 8 = 2(x + 4)

Answers

Answer:

All real numbers are solutions

Step-by-step explanation:

2x + 8 = 2(x + 4)

~Simplify right side

2x + 8 = 2x + 8

~Subtract 8 to both sides

2x = 2x

~Divide 2 to both sides

0 = 0

Best of Luck!

Answer: the answer is infinite

Step-by-step explanation: so first you need to distribute the 2 into the () and you would get 2x+8 and since it is the same on both sides it cancles eachother out therefore there is infinite answers

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