Business Math Percentage,Rate,Time

timer Asked: Sep 26th, 2015

Question description

The price of the used car is $20,000. Sales tax on this car is 8.4% of the price of the vehicle. You intend to finance the entire cost of the car and sales tax, less a down payment of $1,500. You intend to finance the car for 48 months and your car payment will be $455.12 per month.

 Calculate and discuss the amount financed, the installment price of the new car, and the finance charges you will pay over the life of the loan.

The vehicle is financed at $20,000.00. Compare and contrast the advantage of paying cash and financing the vehicle over a shorter period of time, as well as, the impact of finding lower interest rates.

I think I am overwhelmed by this problem because there is so much going on in the problem itself...I do not know where to start.

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