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Problem # 7 Buying a new car - PowerPoint PPT Presentation


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Problem # 7 Buying a new car By (Names erased) OVERVIEW Car Problem Set Up Total Price of Car In Class Problem Set up Solution CAR PROBLEM

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Presentation Transcript
overview
OVERVIEW
  • Car Problem
  • Set Up
  • Total Price of Car
  • In Class Problem
  • Set up
  • Solution
car problem
CAR PROBLEM

Bill purchased a new car that was selling for a price of $19,200. He paid $4,800 as a down payment and obtained a 36-month car loan to finance the remainder of the selling price. If his monthly payments were $451, what is the total amount, including the down payment, that Bill will pay for the car?

set up
SET UP
  • Monthly payment cost : $451 * 36 =

$16,236

  • Plus the down payment of $4,800
total price of car
TOTAL PRICE OF CAR!!!
  • The actual price Bill would have paid for the car is$21,036
in class problem
In Class Problem

Tyler purchased a new four wheeler that was selling for a price of $5,000. He paid $1,000 as a down payment and obtained a 24-month loan to finance the remainder of the selling price. If his monthly payments were $180, what is the total amount, including the down payment, that Tyler will pay for the Four wheeler?

set up8
Set Up
  • Monthly payment costs: 180*24 = $4,320
  • Plus the down payment of $1,000
solution
Solution
  • The actual price Tyler would have paid for the four wheeler is $5,320.