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Problem # 7 Buying a new car

Problem # 7 Buying a new car

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Problem # 7 Buying a new car

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  1. Problem # 7Buying a new car By (Names erased)

  2. OVERVIEW • Car Problem • Set Up • Total Price of Car • In Class Problem • Set up • Solution

  3. CAR PROBLEM Bill purchased a new car that was selling for a price of $19,200. He paid $4,800 as a down payment and obtained a 36-month car loan to finance the remainder of the selling price. If his monthly payments were $451, what is the total amount, including the down payment, that Bill will pay for the car?

  4. SET UP • Monthly payment cost : $451 * 36 = $16,236 • Plus the down payment of $4,800

  5. TOTAL PRICE OF CAR!!! • The actual price Bill would have paid for the car is$21,036

  6. In Class Problem Tyler purchased a new four wheeler that was selling for a price of $5,000. He paid $1,000 as a down payment and obtained a 24-month loan to finance the remainder of the selling price. If his monthly payments were $180, what is the total amount, including the down payment, that Tyler will pay for the Four wheeler?

  7. Set Up • Monthly payment costs: 180*24 = $4,320 • Plus the down payment of $1,000

  8. Solution • The actual price Tyler would have paid for the four wheeler is $5,320.

  9. Any Questions???