Math problem (car payments)?
Maggie buys a Corvette for $24,500. She makes a down payment of $3000 and finances the remaining amount for 4 yrs at an annual interest rate of 8.5% The sales tax is 5.5% of the selling price and the license fee is $331.
Find the monthly payment
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jero
Total Price = 24,500(1.055) + 331 = 26,178.50
Amount of loan = 26,178.50 - 3000 = 23,178.50
P[1 - (1+0.085/12)^(-12*4)] / (0.085/12) = 23,178.50 , now solve for P
P = 571.31 per month
hope that helps
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