Kelly purchased her first new car last week for $20 406, taxes included. The loan representative at Kelly s bank quoted her a monthly payment of $423.59 for 5 years. How much will Kelly have paid for the car in 5 years time? How much interest did Kelly end up paying? Calculate the approximate value of the car after 5 years, if it depreciates at a rate of 20% per year.

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Kelly purchased her first new car last week for $20 406, taxes included. The loan representative at
Kelly s bank quoted her a monthly payment of $423.59 for 5 years. How much will Kelly have paid
for the car in 5 years time?
How much interest did Kelly end up paying?
Calculate the approximate value of the car after 5 years, if it depreciates at a rate of 20% per year.
Transcribed Image Text:Kelly purchased her first new car last week for $20 406, taxes included. The loan representative at Kelly s bank quoted her a monthly payment of $423.59 for 5 years. How much will Kelly have paid for the car in 5 years time? How much interest did Kelly end up paying? Calculate the approximate value of the car after 5 years, if it depreciates at a rate of 20% per year.
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