A car dealer offers you two deals on a car that costs $16,000. Please calculate the monthly payment, given these two payment options the car dealer is offering.
Payment Option 1: You can finance the car for 60 months with no interest if you make a $3,000 down payment.
Payment Option 2: You can finance the car for 72 months (6 years) with 1% simple annual interest and no down payment. (Hint: To calculate simple annual interest, use the formula Interest = Principal * Rate * Time (in years). Add the amount of interest to the price of the car.)
Which monthly payment amount is lower? Plea

- dmezzullo

- chestercat

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- dmezzullo

@mikala1

- dmezzullo

@jazy

- anonymous

im way ahead of u in school i did this monthis ago

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- dmezzullo

i know im in module 2 of segment 1

- dmezzullo

@jhonyy9

- anonymous

hold on i got the answer

- anonymous

I miss algebra -_-
Anyways, just solve for the monthly payment options.
Payment Option 1)
You can finance the car for 60 months with no interest if you make a $3,000 down payment. SO:
16,000 - 3,000 = 13,000
13,000 /60 = 216.666
Monthly payment: $216.67
Payment Option 2) You can finance the car for 72 months (6 years) with 1% simple annual interest and no down payment.
SO:
16,000 divided into 6 years = 2666.67
Multiply by 1% interest... 0.1 * 2666.67 = 26.67
2666.67 + 26.67 = 2693.34 per year.
Divide that by 12 months. 2693.34 /12 = 224.45
Monthly Payment: $224.45

- anonymous

Which is cheaper?

- dmezzullo

option a

- anonymous

Yep.

- dmezzullo

tyvm lol medal from everyone?

- anonymous

i remeber this in 6th grade at the way end in like history idk y but i completely forgot this lol

- anonymous

Yes A medal for everyone xD

- dmezzullo

no everyone give me a medal lol

- anonymous

A car dealer offers you two deals on a car that costs $16,000. Please calculate the monthly payment, given these two payment options the car dealer is offering.
Payment Option 1: You can finance the car for 60 months with no interest if you make a $3,000 down payment.
Total Price of the Car = Car price + down payment to the financer
Total Price of the Car = $ 16,000 + 3,000
======================================…
Total Price of the Car = $ 19,000 ◄ higher in price Ans
======================================…
Payment Option 2: You can finance the car for 72 months (6 years) with 1% simple annual interest and no down payment. (Hint: To calculate simple annual interest, use the formula Interest = Principal * Rate * Time (in years). Add the amount of interest to the price of the car.)
Interest payment = Principal * Rate * Time
Interest payment = 16,000 * 0.01 * 6
Interest payment = 960
Total Price of the Car = Price of the Car + Interest Payment
Total Price of the Car = $ 16,000 + $ 960
======================================…
Total Price of the Car = $ 16,960 ◄ The choice Plan Ans
======================================…
Which monthly payment amount is lower? Please explain how you arrived at your answer and show all of your work for each option.

- anonymous

smh...wow demezz that ain't right. -.-
I took Algebra in 8th grade, last year...it kinda stuck with me. (:

- anonymous

lol i am in 8th

- dmezzullo

ive only gotten uno medal

- anonymous

lol i got no medals it is fine xP

- anonymous

Wow, and I'm supposedly advanced, lol! You're really smart then @Converse_Luv :)

- anonymous

can u guys help me please ?

- anonymous

lol thanks x) yay medal xD

- anonymous

jazy and anyone

- anonymous

sure link?

- anonymous

kk hold on :)

- anonymous

omg i have to take an english exam all o er again

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