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Problem # 7 Buying a new car

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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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???

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