Quantcast

A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

barrelracer23

  • 2 years ago

Can someone please tell me if I'm working this problem correctly? ( There is a chart, I'll draw it and attach it in the comments.) Then I'll show how I worked it and the answer that I got... 8. You (or your parents) purchase a new car for $19,725.00 plus 4.75% sales tax. The down payment is $2,175.00 and you (or your parents) have an average credit rating. How much interest is accrued after the first month?

  • This Question is Closed
  1. barrelracer23
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    The way I did it was like this: $19,725.00*5.85%*1/12=96.15 $19,725.00+4.75%+96.15-2,175.00=$17,646.20 But other people keep getting 90.12 and this is how they are doing the work $19,725.00*1.0475=$20,662 $20,662-$2,175.00=$18,487 5.85%/12=0.4875% $18,487*0.004875=90.12 which is correct mine or theirs??? and please explain

  2. barrelracer23
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    this is the chart

    1 Attachment
  3. barrelracer23
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    can you help me @amistre64

  4. jim_thompson5910
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    You computed the interest before you computed the real cost of the car (with taxes added) the other people who got 90.12 computed the cost of the car with taxes, then computed the interest

  5. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.