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Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

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BuyFindarrow_forward

Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742
Textbook Problem

Financing a Car Jane agrees to buy a car for a down payment of $ 2000 and payments of $ 220 per month for 3 years . If the interest rate is 8 % per year, compounded monthly, what is the actual purchase price of her car ?

To determine

To find:

The actual price of Jane’s car.

Explanation

Given:

Jane buys a car for a down payment of $2000 and payments of $220 per month for 3years, at the interest rate of 8% per year, compounded monthly.

Approach:

If the interest rate is I then, the interest i per time period is

i=Im

The total no. of installments n is

n=t×m

The actual price of Jane’s car A is

A=Ap+AdAp=R1(1+i)ni

Ad is the down payment,

Ap is the present value of an annuity,

R is the size of each payment,

t is the time-period in years and

m is the no. of period.

Calculation:

Substitute, the following in the equation given below,

I=8%m=12

i=Im=0.0812

The payment, R are made monthly for 3years.

Substitute, 3 for t and 12 for m in the equation given below,

n=t×m=3×12=36

Substitute 220 for R, 0

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