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Suppose you want to buy a new car that costs $32,500. You have no cash - only your old car, which is worth $4,000 as a trade-in. 1) How much do you need to finance buy the new car? 2) The dealer says the interest rate is 4% add-on for 4 years. Find the total interest 3) Find the total amount to be repaid. 4) Find the monthly payment.

Suppose you want to buy a new car that costs $32,500. You have no cash - only your old car, which is worth $4,000 as a trade-in. 1) How much do you need to finance buy the new car? 2) The dealer says the interest rate is 4% add-on for 4 years. Find the total interest 3) Find the total amount to be repaid. 4) Find the monthly payment.

Intermediate Algebra
Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Solve the problem. Suppose you want to buy a new car that costs $32,500. You have no cash - only your old car, which is worth $4,000 as a trade-in. 1) How much do you need to finance buy the new car? 2) The dealer says the interest rate is 4% add-on for 4 years. Find the total interest 3) Find the total amount to be repaid. 4) Find the monthly payment. 5) Find your total cost, for the new car plus interest. 6) What percent of the original price tag total did the financing cost?
Transcribed Image Text:Solve the problem. Suppose you want to buy a new car that costs $32,500. You have no cash - only your old car, which is worth $4,000 as a trade-in. 1) How much do you need to finance buy the new car? 2) The dealer says the interest rate is 4% add-on for 4 years. Find the total interest 3) Find the total amount to be repaid. 4) Find the monthly payment. 5) Find your total cost, for the new car plus interest. 6) What percent of the original price tag total did the financing cost?
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