Nathan Reynolds bought a car for $15,000. He made a down payment of $3,000. Nathan secured a loan for the balance of the purchase price at 8 percent interest for four years.
determine the monthly payment and total interest

Answers

Answer 1

Answer:

1) The monthly payment is approximately $292.96

2) The total interest is approximately $2,061.84

Step-by-step explanation:

1) The financing method Nathan Reynolds applied to buy the car is given as follows;

The purchase price of the car = $15,000

The down payment made for the car = $3,000

The

The interest on the loan he took for the balance of the purchase price, R = 8%

The number of years for which he took the loan, n = 4 years = 48 months

We have;

The balance of the purchase price = (The purchase price of the car) - (The down payment made for the car)

∴ The balance of the purchase price = $15,000 - $3,000 = $12,000

The balance of the purchase price = $12,000 = The loan Nathan secured

The monthly payment on a loan is given by the following formula

[tex]A = P \times \dfrac{r \cdot (1 + r)^n}{(1 + r)^n - 1}[/tex]

Where;

A = The payment amount made  monthly

P = The principal or loan amount = $12,000

r = The interest rate divided by 12 = R/12 = 8/12 = 2/3

n = The number of months the monthly payment will be made = 48 months

By plugging in the variable values, we get;

[tex]A = 12,000 \times \dfrac{\dfrac{2}{300} \times \left (1 + \dfrac{2}{300} \right ) ^{48}}{ \left (1 + \dfrac{2}{300} \right )^{48} - 1} = 292.955068099 \approx 292.96[/tex]

Therefore, the payment amount made  monthly, A ≈ $292.96

2) The total payment made in the 48 months = A × 48 = 292.955068099 × 48 ≈ 14,061.84

The total payment made in the 48 months ≈ $14,061.84

The total interest = (The total payment made in the 48 months) - (The loan amount)

∴ The total interest = $14,061.84 - $12,000 ≈ $2,061.84


Related Questions

Can someone explain how to do this?

Answers

i cant give you the answer but i know how u can figure it out, go to g00gle calculator or look up "Algebra Calculator"....you wont regret it!!!

you have to try to find a fraction that is similar to the first. so 7/14 and 5/10, 6/12, 4/8, 3/6, 2/4, 1/2, so on and so forth. so x can equal any number related to 7/14.

20% of what number is 479
168
0 235
O230
094

Answers

Answer:

168 hope  this is right

Step-by-step explanation:

2 It is 7:40 A.M. Delilah's bus arrives
at 7:53 A.M. It takes her 10 minutes
to get to the bus stop. Will she
catch her bus?
yourloos nosos 3 sovios
to
no 18119
What time will she get to the bus
stop?
9
SRB

Answers

Answer:

no she will be 3 min late

Step-by-step explanation:

write a active sentence then rewrite it as a passive​

Answers

What to do managers analyze to understand the behavior and attitude of other team members?

Hey there!

The answer is, for active, "Carla drove Emily to the theater," and, for passive, "Emily was driven to the theater by Carla."

Have a nice day :)

Antwan drew the circle graph below
describing his time spent at school in 1
day. His teacher said that the number of
hours listed were correct, but that the
central angle measures for the sectors
were not correct. What should be the
central angle measure for the Core
subject sector?
A. 72°
B. 80°
C. 160°
D. 200°
E. 288°

Answers

I think the answer is C, 160 degrees

Ashley made 2 out of 4 total shots. What percent of her shots did she make?

Answers

Answer:

50%

Step-by-step explanation:

2 divided by 4 is .5

.5 ×100 =50

if you simplify in fraction form it would be 2/4 equals 1/2 which would still give you the same answer

URGENT!!!!!!
Use scientific notation to estimate the number of inches in 1,225 miles. Include all calculations in your final answer.1 inch ≈ 1.578 × 10 -5 miles.

Answers

Answer: The number of inches in 1225 miles is [tex]7.763\times 10^7[/tex]

Step-by-step explanation:

Scientific notation is defined as the representation of expressing the numbers that are too big or too small and are represented in the decimal form with one digit before the decimal point times 10 raise to the power.

Example: 3000 is written as [tex]3.0\times 10^3[/tex]

Given : [tex]1.578\times 10^{-5}[/tex] miles = 1 inch

Thus 1 mile = [tex]\frac{1}{1.578\times 10^{-5}}=0.634\times 10^5[/tex] inches

1225 miles = [tex]\frac{0.634\times 10^5}{1}\times 1225=776.3\times 10^{5}=7.763\times 10^7[/tex] inches

A five feet tall man casts a shadow rhat is 4 1/3 feet long. A telephone pole casts a shadow that is 25.5 feet long. How tall is the telephone pole in inches

Answers

Answer:

22.1 inches

Step-by-step explanation:

The shadow is formed at a specific factor of the original image hence if a 5 feet tall man casts a shadow rhat is 4 1/3 feet long then a  telephone pole casts a shadow that is 25.5 feet long must have a length

5 / 4 1/3 = x / 25.5

where x is the length of the pole

5 / 13/3 = x/ 25.5

15/13 = x/25.5

cross multiply

15 * x = 13 * 25.5

Divide both sides by 15

x = 13 * 25.5 / 15

x = 22.1 inches

The telephone pole in inches is 22.1 long

Figure ABCD is a trapezoid. Find
the value of x.
B.
2x + 1
.C
17
3x + 8
.D
A
x = [?]

Answers

Answer for x is 5

Step by step explanation:

Write as an addition problem: -49 - (-3)

Answers

Answer:

-49 + 3

Step-by-step explanation:

I think this ans may help you

Find the area of the triangle.

Answers

Answer:

86.1yd

Step-by-step explanation:

area of a triangle= base*height/2

21*8.2=172.2

172.2/2=86.1

Answer:

86.1yd2

Step-by-step explanation:

area=1/2×b×h

a=1/2×21×8.2

a=86.1yd2

the sum of the number and 5 is 12

Answers

Answer:7

Step-by-step explanation: x+5=12 solve for x = 7

Answer:

"a number" = 7

Step-by-step explanation:

let "a number" = x.

x + 5 = 12

Isolate the variable x. Note the equal sign, what you do to one side, you do to  the other. Subtract 5 from both sides.

x + 5 (-5) = 12 (-5)

x = 12 - 5

x = 7

7 is your answer.

~

Find the distance between (2, 8) and (−6, 2).

The distance is ( ) units.

Answers

Answer:

✓100 = 10

Step-by-step explanation:

2= x1

8= x2

-6= y1

2= y2

Then you apply your distance formula to solve.

Hope it helps

A sum amount to $2400 at 15% simple interest per annum after 4 years. Find the sum

Answers

Answer:

1500

Step-by-step explanation:

We can required to find the sum which also means the value

Future value= value × [ 1 + rate×time]

2400= value × [1 + 15/100×4]

2400= value × [1 + 0.15×4]

2400= value × [1+0.6]

2400= value × 1.6

Value= 2400/1.6

= 1500

How tall are 2 chairs stacked together? The height of the chairs
5 chairs are 51 inches high
3 chairs are 45 inches high
8 chairs are 60 inches high

Answers

Answer: 20.4  damm this easy

HELP PLS I WILL GIVE BRIANLY!
The students will paint 4 rooms on the first floor and the conference room on the second floor. Each room on the first-floor room is 4m x 5m.

1. Calculate the area of one of the rooms.​

Answers

Answer:

20m

Step-by-step explanation:

The rooms are 4m x 5m.

To find the area, multiply length by width: 4*5=20

The Area of one room is 20 m².

What is Area?

Area is the entire amount of space occupied by a flat (2-D) surface or an object's shape. The area of a plane figure is the area that its perimeter encloses. The quantity of unit squares that cover a closed figure's surface is its area.

Given:

First, Area of one room= lw

                                      = 4 x 5

                                      = 20 m²

Now, Area of four room = 4 x 20

                                      = 80 m²

Thus, area of one room is 20 m².

Learn more about Area here:

https://brainly.com/question/27683633

#SPJ2

Find the inverse of each function. f (x) = 2x − 4

Answers

Yeah what they said

Please Help!! I will give Brainliest to the correct answer!!

Evaluate 12.3s +11.9t when s= 3 and t = 4



Thank you so much

Answers

Answer:

84.5

Step-by-step explanation:

12.3(3)+11.9(4)=84.5

Answer:

87.5

Step-by-step explanation:

12.3 x 3= 39.9=s

11.9 x 4= 47.6=t

47.6 + 39.9= 87.5

Expression: 3x2t
If the value is 96 what is t?

Answers

Answer:

t = 16. This is the answer.!

Find the slope between the points (2, -10) and (-4, 2).
A) 1/4
B) -2
C) 4
D) -1/2

Answers

Answer:

B) -2

Step-by-step explanation:

m=(y2-y1)/(x2-x1)=(2-(-10))/(-4-2)=(2+10)/-6=12/-6=-2

A plant is already 45 centimeters tall, and it will grow one centimeter every month.Let h be the plant's height (in centimeters) after m months.Write an equation relating h to m . Then use this equation to find the plant's height after 14 months.

Answers

X=45*14 is the answer

help please!! I need an explanation

Answers

Step-by-step explanation:

A triangle's angles add up to be 180 degrees, so you can create an equation to be 180= 130+5x. (the 5x is 2x + 3x)

subtract 130 from both sides and get 50=5x, divide both sides by 5, x is equal to 10.

I'm not sure which angle is angle a, but if you substitute x with 10, you can find the measure of the angle, so if it's 2x, 2(10)=20 and if 3x, 3(10)=30

The total sum of angles in a triangle is 180°

2x + 3x + 130° = 180°

5x + 130° = 180°

5x = 180° - 130°

5x = 50°

x = 50° / 5

x = 10

Hope it helps!

7x — 3х – 4 = -1 + 21

Answers

Answer:

x = 6

Step-by-step explanation:

7x - 3x - 4 = -1 + 21

4x - 4 = 20

4x - 4 + 4 = 20 + 4

4x = 24

4x/4 = 24/4

x = 6

X=6 I believe hope this helps

what's HCF/GCD of 144 and 0 ?​

Answers

Answer:

144 =4

=>144=2×2×2×3×3

OK

OK i know this only

enjoy your day

What fraction is less than 1/2. 3/4,1/6,6/12,4/10,5/8,5/2

Answers

1/6! Any fraction that represents less than a half of a whole is less than 1/2. You could also convert them to the same denominator and see the difference. Make sure whatever you do to the first fraction, you do to the other!

Answer:

1/6 and 4/10

Step-by-step explanation:

1/2 = 0.5 and 0.5 is greater than 1/6 which is 0.166666666667 and 4/10 which is 0.4.

Write a system of linear inequalities so the points,(1,2) and (4,-3) are solutions of the system, but the point (-2,8) is not a solution of the system.

Answers

Answer:

The sample system is:

y < 5y > x - 8

see the attached

The points (1, 2) and (4, -3) are in the intersected region but the point (-2, 8) is outside

Direction: Simplify each expression using Product Rule.

: (−
3)(23
) = −2(
3+1
1+3
)

= −2



1. (
2
)(
4
) = 6. (34
)(2
)(
3
)

2. (6
2
)(6
3
) = 7. (−6
2)(−3
3
5
)

3. (
2
)(
4
)(
2
) = 8. (2
2
)(3
4
)

4. (
1
2) (
1
2) = 9. (
1
3) (
2
3) =

5. (
3
5) (
1
5) = 10. (2
1
6) (−3
1
6)=

Answers

Answer:

pagal answer toone khoo

can some one write a system for all of these? it would really help me rn :(

Answers

Answer: 36 and 56

Step-by-step explanation: the sum of two numbers translates into x + y = 92

If the difference would be 0 then the numbers would be equal.

Just choose which number you want to be bigger. If x is bigger then x - y = 20. If y is bigger then y - x = 20.

Let’s make x bigger so x-y=20. You can go two ways with this.

Either x=20+y because when passing one term from one side to the other you can change the sign.

Or y=x-20 because you pass “-y” to the right and it’s becomes “y” and you pass 20 to the left and it becomes -20.

Let’s go with y=x-20.

Now we replace this in the other relation:

X + Y = 92

X + (x-20) = 92

X + X - 20 = 92

2x - 20 = 92 ==> 2x = 92 + 20 ==> 2x = 112 ==> 112/2 ==> x=56

Y = x - 20 ==> y = 56 - 20 ==> y = 36.

If you choose x=20+y and replace x in the other relation you’ll find out y first and only after that you’ll find x.

Hope this helps☺️

Joe lost 4 kg and now weighs 60 kg. What percentage of his original weight did he lose?

Answers

Answer:

60-4 is 56

and 56 by 100

Step-by-step explanation:

The  percentage of his original weight did he lose is 56%.

Given that,

Joe lost 4 kg and now weighs 60 kg.

Calculation:

[tex]= ( 60 - 4) \div 100[/tex]

= 56%

learn more about the percentage here: https://brainly.com/question/16616666

PLA HURRY I WILL GIVE BRAINLIST​

Answers

Answer:

last one? if not i tried

Step-by-step explanation:

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