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Help with solving algebra word problem

Algebra
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Assume the car can be purchased for 0% down for 60 months (in lieu of rebate).

A car with a sticker price of $42,450 with factory and dealer rebates of $5,100
Find the monthly payment if financed at 2.5 % add-on interest for 60 months
Nov 25th, 2014

Add-on interest = $42,450 * 2.5%/year * (60/12) years = $5 306.25
So, Monthly Payment = ($42,450 - $5 306.25)/60 = $619.06 (Answer)

Nov 25th, 2014

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