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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
 one year ago
 one year ago
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
 one year ago
 one year ago

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mikala1Best ResponseYou've already chosen the best response.0
im way ahead of u in school i did this monthis ago
 one year ago

dmezzulloBest ResponseYou've already chosen the best response.0
i know im in module 2 of segment 1
 one year ago

mikala1Best ResponseYou've already chosen the best response.0
hold on i got the answer
 one year ago

jazyBest ResponseYou've already chosen the best response.3
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
 one year ago

dmezzulloBest ResponseYou've already chosen the best response.0
tyvm lol medal from everyone?
 one year ago

Converse_LuvBest ResponseYou've already chosen the best response.1
i remeber this in 6th grade at the way end in like history idk y but i completely forgot this lol
 one year ago

.UserNotFound.Best ResponseYou've already chosen the best response.0
Yes A medal for everyone xD
 one year ago

dmezzulloBest ResponseYou've already chosen the best response.0
no everyone give me a medal lol
 one year ago

mikala1Best ResponseYou've already chosen the best response.0
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.
 one year ago

jazyBest ResponseYou've already chosen the best response.3
smh...wow demezz that ain't right. . I took Algebra in 8th grade, last year...it kinda stuck with me. (:
 one year ago

dmezzulloBest ResponseYou've already chosen the best response.0
ive only gotten uno medal
 one year ago

Converse_LuvBest ResponseYou've already chosen the best response.1
lol i got no medals it is fine xP
 one year ago

jazyBest ResponseYou've already chosen the best response.3
Wow, and I'm supposedly advanced, lol! You're really smart then @Converse_Luv :)
 one year ago

rebecca1233Best ResponseYou've already chosen the best response.0
can u guys help me please ?
 one year ago

Converse_LuvBest ResponseYou've already chosen the best response.1
lol thanks x) yay medal xD
 one year ago

mikala1Best ResponseYou've already chosen the best response.0
omg i have to take an english exam all o er again
 one year ago
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