Concept explainers
(a)
To find: the total amount to be paid on the vehicle.
(a)
Answer to Problem 2E
He paid $5995 on the vehicle.
Explanation of Solution
Given information:
The V fruit stand got a three year loan at $154 per month to pay for a $5500 used truck. The down payment was $451.
Calculation:
The V fruit stand got a three year loan at $154 per month to pay for a $5500 used truck. The down payment was $451.
So, V fruit stand to be paid on each vehicle,
So, he paid $5995 on the vehicle.
(b)
To find: the total amount of interest the buyer would be paying.
(b)
Answer to Problem 2E
The V fruit stand paid $495 as interest amount.
Explanation of Solution
Given information:
The V fruit stand got a three year loan at $154 per month to pay for a $5500 used truck. The down payment was $451.
Calculation:
The V fruit stand got a three year loan at $154 per month to pay for a $5500 used truck. The down payment was $451.
So, V fruit stand to be paid on each vehicle,
Used truck price is $5500.
Interest paid by the buyer is,
So, the V fruit stand paid $495 as interest amount.
Chapter 3 Solutions
Algebra: Structure And Method, Book 1
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