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7. A car dealership offers financing toward the purchase of a Toyota Prius. The dealership' offer results in a monthly payment of $21.60 per $1,000 borrowed for 48 months. Com the table below for the corresponding monthly payment. Monthly Payment Amount Borrowed

7. A car dealership offers financing toward the purchase of a Toyota Prius. The dealership' offer results in a monthly payment of $21.60 per $1,000 borrowed for 48 months. Com the table below for the corresponding monthly payment. Monthly Payment Amount Borrowed

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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The correct interpretation of slope in the linear equation from part a is: For each year past 1978, the town's population __________________________ by __________ people. 7. A car dealership offers financing toward the purchase of a Toyota Prius. The dealership's offer results in a monthly payment of $21.60 per $1,000 borrowed for 48 months. Complete the table below for the corresponding monthly payment. | Amount Borrowed | Monthly Payment | |-----------------|-----------------| | $1,000 | $21.60 | | $2,000 | | | $3,000 | | | $5,000 | | | $6,000 | | | $9,000 | | | $12,000 | | 8. Refer to the information from problem 7 to answer the questions below. a) If your monthly payment is $356.40, how much did you borrow? _______________ b) How much is your monthly payment if you borrow $11,500? _______________ c) If you borrow $11,500, how much will you pay back, in total, for the loan? _______________
Transcribed Image Text:The correct interpretation of slope in the linear equation from part a is: For each year past 1978, the town's population __________________________ by __________ people. 7. A car dealership offers financing toward the purchase of a Toyota Prius. The dealership's offer results in a monthly payment of $21.60 per $1,000 borrowed for 48 months. Complete the table below for the corresponding monthly payment. | Amount Borrowed | Monthly Payment | |-----------------|-----------------| | $1,000 | $21.60 | | $2,000 | | | $3,000 | | | $5,000 | | | $6,000 | | | $9,000 | | | $12,000 | | 8. Refer to the information from problem 7 to answer the questions below. a) If your monthly payment is $356.40, how much did you borrow? _______________ b) How much is your monthly payment if you borrow $11,500? _______________ c) If you borrow $11,500, how much will you pay back, in total, for the loan? _______________
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