Problem # 7 Buying a new car

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# Problem # 7 Buying a new car - PowerPoint PPT Presentation

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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## Problem # 7 Buying a new car

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### Problem # 7Buying a new car

By

(Names erased)

OVERVIEW
• Car Problem
• Set Up
• Total Price of Car
• In Class Problem
• Set up
• Solution
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
• Monthly payment cost : \$451 * 36 =

\$16,236

• Plus the down payment of \$4,800
TOTAL PRICE OF CAR!!!
• The actual price Bill would have paid for the car is\$21,036
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 Up
• Monthly payment costs: 180*24 = \$4,320
• Plus the down payment of \$1,000
Solution
• The actual price Tyler would have paid for the four wheeler is \$5,320.