(a) Answer He paid $3240 on each vehicle. Explanation Given information: S bought a $3000 used car by making a $480 down payment and getting a loan for two years with payments of $115 per month. Calculation: S is making a $480 down payment and getting a loan for two years with payments of $115 per month. So, S to be paid on each vehicle, $ 480 + ( 24 × $ 115 ) = $ 480 + $ 2760 = $ 3240 So, he paid $3240 on each vehicle. (b) To determine To find: the amount of interest the buyer would be paying. Answer Paid interest amount is $240. Explanation Given information: S bought a $3000 used car by making a $480 down payment and getting a loan for two years with payments of $115 per month. Calculation: S is making a $480 down payment and getting a loan for two years with payments of $115 per month. So, S to be paid on each vehicle, $ 480 + ( 24 × $ 115 ) = $ 480 + $ 2760 = $ 3240 S bought a $3000 used car. So, he paid the interest, $ 3240 − $ 3000 = $ 240 Hence, paid interest amount is $240.

(REV)00 Edition

ISBN: 9780395977224

Author: Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Publisher: McDougal Littell

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Question

Chapter 3.1, Problem 1E

(a)

To determine

To find: the total amount to be paid on each vehicle.

(a)

Expert Solution

Answer to Problem 1E

He paid $3240 on each vehicle.

Explanation of Solution

Given information:

S bought a $3000 used car by making a $480 down payment and getting a loan for two years with payments of $115 per month.

Calculation:

S is making a $480 down payment and getting a loan for two years with payments of $115 per month.

So, S to be paid on each vehicle,

$480+(24×$115)=$480+$2760=$3240

So, he paid $3240 on each vehicle.

(b)

To determine

To find: the amount of interest the buyer would be paying.

(b)

Expert Solution

Answer to Problem 1E

Paid interest amount is $240.

Explanation of Solution

Given information:

S bought a $3000 used car by making a $480 down payment and getting a loan for two years with payments of $115 per month.

Calculation:

S is making a $480 down payment and getting a loan for two years with payments of $115 per month.

So, S to be paid on each vehicle,

$480+(24×$115)=$480+$2760=$3240

S bought a $3000 used car.

So, he paid the interest,

$3240−$3000=$240

Hence, paid interest amount is $240.

Chapter 3.1, Problem 12MRE

Chapter 3.1, Problem 2E

Chapter 3 Solutions

Algebra: Structure And Method, Book 1

Ch. 3.1 - Prob. 1OE Ch. 3.1 - Prob. 2OE Ch. 3.1 - Prob. 3OE Ch. 3.1 - Prob. 4OE Ch. 3.1 - Prob. 5OE Ch. 3.1 - Prob. 6OE Ch. 3.1 - Prob. 7OE Ch. 3.1 - Prob. 8OE Ch. 3.1 - Prob. 9OE Ch. 3.1 - Prob. 10OE

Ch. 3.1 - Prob. 11OE Ch. 3.1 - Prob. 12OE Ch. 3.1 - Prob. 13OE Ch. 3.1 - Prob. 14OE Ch. 3.1 - Prob. 15OE Ch. 3.1 - Prob. 16OE Ch. 3.1 - Prob. 17OE Ch. 3.1 - Prob. 18OE Ch. 3.1 - Prob. 19OE Ch. 3.1 - Prob. 20OE Ch. 3.1 - Prob. 21OE Ch. 3.1 - Prob. 1WE Ch. 3.1 - Prob. 2WE Ch. 3.1 - Prob. 3WE Ch. 3.1 - Prob. 4WE Ch. 3.1 - Prob. 5WE Ch. 3.1 - Prob. 6WE Ch. 3.1 - Prob. 7WE Ch. 3.1 - Prob. 8WE Ch. 3.1 - Prob. 9WE Ch. 3.1 - Prob. 10WE Ch. 3.1 - Prob. 11WE Ch. 3.1 - Prob. 12WE Ch. 3.1 - Prob. 13WE Ch. 3.1 - Prob. 14WE Ch. 3.1 - Prob. 15WE Ch. 3.1 - Prob. 16WE Ch. 3.1 - Prob. 17WE Ch. 3.1 - Prob. 18WE Ch. 3.1 - Prob. 19WE Ch. 3.1 - Prob. 20WE Ch. 3.1 - Prob. 21WE Ch. 3.1 - Prob. 22WE Ch. 3.1 - Prob. 23WE Ch. 3.1 - Prob. 24WE Ch. 3.1 - Prob. 25WE Ch. 3.1 - Prob. 26WE Ch. 3.1 - Prob. 27WE Ch. 3.1 - Prob. 28WE Ch. 3.1 - Prob. 29WE Ch. 3.1 - Prob. 30WE Ch. 3.1 - Prob. 31WE Ch. 3.1 - Prob. 32WE Ch. 3.1 - Prob. 33WE Ch. 3.1 - Prob. 34WE Ch. 3.1 - Prob. 35WE Ch. 3.1 - Prob. 36WE Ch. 3.1 - Prob. 37WE Ch. 3.1 - 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Prob. 8MRE Ch. 3.4 - Prob. 9MRE Ch. 3.4 - Prob. 10MRE Ch. 3.4 - Prob. 11MRE Ch. 3.4 - Prob. 12MRE Ch. 3.5 - Prob. 1OE Ch. 3.5 - Prob. 2OE Ch. 3.5 - Prob. 3OE Ch. 3.5 - Prob. 4OE Ch. 3.5 - Prob. 5OE Ch. 3.5 - Prob. 6OE Ch. 3.5 - Prob. 7OE Ch. 3.5 - Prob. 8OE Ch. 3.5 - Prob. 9OE Ch. 3.5 - Prob. 10OE Ch. 3.5 - Prob. 11OE Ch. 3.5 - Prob. 12OE Ch. 3.5 - Prob. 1WE Ch. 3.5 - Prob. 2WE Ch. 3.5 - Prob. 3WE Ch. 3.5 - Prob. 4WE Ch. 3.5 - Prob. 5WE Ch. 3.5 - Prob. 6WE Ch. 3.5 - Prob. 7WE Ch. 3.5 - Prob. 8WE Ch. 3.5 - Prob. 9WE Ch. 3.5 - Prob. 10WE Ch. 3.5 - Prob. 11WE Ch. 3.5 - Prob. 12WE Ch. 3.5 - Prob. 13WE Ch. 3.5 - Prob. 14WE Ch. 3.5 - Prob. 15WE Ch. 3.5 - Prob. 16WE Ch. 3.5 - Prob. 17WE Ch. 3.5 - Prob. 18WE Ch. 3.5 - Prob. 19WE Ch. 3.5 - Prob. 20WE Ch. 3.5 - Prob. 21WE Ch. 3.5 - Prob. 22WE Ch. 3.5 - Prob. 23WE Ch. 3.5 - Prob. 24WE Ch. 3.5 - Prob. 25WE Ch. 3.5 - Prob. 26WE Ch. 3.5 - Prob. 27WE Ch. 3.5 - Prob. 28WE Ch. 3.5 - Prob. 29WE Ch. 3.5 - Prob. 30WE Ch. 3.5 - Prob. 31WE Ch. 3.5 - Prob. 32WE Ch. 3.5 - 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