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.
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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Solve 2th 3rd and 4th subparts onlys
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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