Use the data from problem 4 to answer the following: a). If your monthly payment is $327.75, how much did you borrow? __________________ b). If your monthly payment is $470.25, how much did you borrow? __________________ c). How much is your monthly payment if you borrow $13,500? __________________ d). If you borrow $13,500, how much will you pay back, in total, for the loan? _________

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Use the data from problem 4 to answer the following:

a). If your monthly payment is $327.75, how much did you borrow? __________________

b). If your monthly payment is $470.25, how much did you borrow? __________________

c). How much is your monthly payment if you borrow $13,500? __________________

d). If you borrow $13,500, how much will you pay back, in total, for the loan? _________

**Car Financing at 1.7% Interest Rate**

A car dealership offers a 1.7% financing deal for purchasing a specific car model. This offer results in a monthly payment of $28.50 for every $1,000 borrowed, applicable over 36 months.

**Monthly Payment Table**

The table below represents the monthly payments for different loan amounts:

| Amount Borrowed | Monthly Payment |
|-----------------|-----------------|
| $1,000          | $28.50          |
| $3,000          |                 |
| $5,000          |                 |
| $7,000          |                 |
| $9,000          |                 |
| $10,000         |                 |
| $15,000         |                 |

**Instructions:**

Complete the table to calculate the monthly payments corresponding to each borrowed amount, using the rate of $28.50 per $1,000.
Transcribed Image Text:**Car Financing at 1.7% Interest Rate** A car dealership offers a 1.7% financing deal for purchasing a specific car model. This offer results in a monthly payment of $28.50 for every $1,000 borrowed, applicable over 36 months. **Monthly Payment Table** The table below represents the monthly payments for different loan amounts: | Amount Borrowed | Monthly Payment | |-----------------|-----------------| | $1,000 | $28.50 | | $3,000 | | | $5,000 | | | $7,000 | | | $9,000 | | | $10,000 | | | $15,000 | | **Instructions:** Complete the table to calculate the monthly payments corresponding to each borrowed amount, using the rate of $28.50 per $1,000.
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