A car with a sticker price of $36,250 with factory and dealer rebates of $4,200 (a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.) $ (b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.) $ (c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.) (d) State whether the 0% APR or the 2.5% add-on rate should be preferred. O 0% APR O 2.5% add-on rate
A car with a sticker price of $36,250 with factory and dealer rebates of $4,200 (a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.) $ (b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.) $ (c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.) (d) State whether the 0% APR or the 2.5% add-on rate should be preferred. O 0% APR O 2.5% add-on rate
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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![Assume the car can be purchased for 0% down for 60 months (in lieu of rebate).
A car with a sticker price of $36,250 with factory and dealer rebates of $4,200
(a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.)
$ [__________]
(b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.)
$ [__________]
(c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.)
[__________] %
(d) State whether the 0% APR or the 2.5% add-on rate should be preferred.
- [ ] 0% APR
- [ ] 2.5% add-on rate](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F674b5627-6eeb-4539-9ecd-a1ecdabb7121%2Ffd4ac4c3-18ae-4513-88db-e49c7b6fb32a%2Fqx2llx_processed.png&w=3840&q=75)
Transcribed Image Text:Assume the car can be purchased for 0% down for 60 months (in lieu of rebate).
A car with a sticker price of $36,250 with factory and dealer rebates of $4,200
(a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.)
$ [__________]
(b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.)
$ [__________]
(c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.)
[__________] %
(d) State whether the 0% APR or the 2.5% add-on rate should be preferred.
- [ ] 0% APR
- [ ] 2.5% add-on rate
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