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Problem # 7 Buying a new car By (Names erased) OVERVIEW Car Problem Set Up Total Price of Car In Class Problem Set up Solution CAR PROBLEM

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## Problem # 7 Buying a new car

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**Problem # 7Buying a new car**By (Names erased)**OVERVIEW**• Car Problem • Set Up • Total Price of Car • In Class Problem • Set up • Solution**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?**SET UP**• Monthly payment cost : $451 * 36 = $16,236 • Plus the down payment of $4,800**TOTAL PRICE OF CAR!!!**• The actual price Bill would have paid for the car is$21,036**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?**Set Up**• Monthly payment costs: 180*24 = $4,320 • Plus the down payment of $1,000**Solution**• The actual price Tyler would have paid for the four wheeler is $5,320.

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