Question
Asked Jan 30, 2020
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To buy a minivan you can pay $16,000 cash or put down $4750 and make 24 monthly payments of $551.50. How much would you save by paying cash (rounded to the nearest cent)?

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Expert Answer

Step 1

To determine the total interest paid over 24 months.

Step 2

Given:

The amount of monthly payment is $551.50.

Step 3

The cost of the minivan is $16000.

The amount of monthly payment is $551.50.

The total amount 24 monthly payment = 24*551.50 = $13236

The initial amount paid...

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Algebra

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