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Teaching Since: Apr 2017
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  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 08 May 2017 My Price 9.00

alculating Auto Loan Payments

alculating Auto Loan Payments

 

Suppose you want to buy a car. You have surveyed the dealers’ newspaper advertisements, and the following one has caught your attention:

 

College Graduate Special: New 2006 Nissan Altima 2.55 with automatic transmission, A/C, power package, and cruise control

 

MSRP:

$20,870

Dealer’s discount:

$1,143

Manufacturer rebate

$800

College graduate cash:

$500

Sale price:

$18,427

 

Price and payment is plus tax, title, customer service fee, with approved credit for 72 months at 6.25% APR. You can afford to make a down payment of $3,427 (and taxes and insurance as well), so the net amount to be financed is $15,000. What would the monthly payment be (Figure 4.3)?

 

Answers

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Status NEW Posted 08 May 2017 11:05 AM My Price 9.00

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