# Business Math Percentage,Rate,Time

**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.## Tutor Answer

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors