You are purchasing a new car for $27,600. The dealership offers you three options:0% financing: 0 down and 0% financing for 48 months.Rebate: 0 down. If you choose the rebate, you will need to secure a loan for the balance at your local bank.Down payment: Make a down payment of 5% or more and get financing at 1.5% compounded monthly for 48 months.Use this information to answerSuppose you make a down payment of 17% of $27,600 and finance the rest at 1.5% compounded monthly for 48 months. How much interest do you pay over the life of the loan? $ . Round to the nearest dollar.

Use this information to answer Suppose you make a down payment of 17% of $27,600 and finance the rest at 1.5% compounded monthly for 48 months. How much interest do you pay over the life of the loan? $ . Round to the nearest dollar.

Use this information to answer Suppose you make a down payment of 17% of $27,600 and finance the rest at 1.5% compounded monthly for 48 months. How much interest do you pay over the life of the loan? $ . Round to the nearest dollar.

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...

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Question

You are purchasing a new car for $27,600. The dealership offers you three options:

0% financing: 0 down and 0% financing for 48 months.
Rebate: 0 down. If you choose the rebate, you will need to secure a loan for the balance at your local bank.
Down payment: Make a down payment of 5% or more and get financing at 1.5% compounded monthly for 48 months.

Use this information to answer

Suppose you make a down payment of 17% of $27,600 and finance the rest at 1.5% compounded monthly for 48 months. How much interest do you pay over the life of the loan?

$ . Round to the nearest dollar.

Expert Solution