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Follow the steps above, and find c, the total of the payments related to financing, and the monthly payment. A customer buys an automobile from you, the salesman. The price of the car, which includes taxes and license, amounts to $5,955.00. The customer wants to finance the car over 48 months after making a $500 down payment. You inform him that the true annual interest rate is 18%.

Respuesta :

Answer:

Therefore total of the payment to financing is = $(5455+3927.6)

                                                                            = $ 9382.6

And monthly payment =$(9382.6÷48)

                                     =$781.88

Step-by-step explanation:

Given a customer buys an automobile from the salesman. The price of the car which includes all taxes and licences amounts to $5,955.00. The customer wants to finance the car over 48 months after making a%500 down payment.

Financed amount = $(5,955- 500)

                             = $5,455

Interest = [tex]\frac { Prt}{100}[/tex]                               P= $5,455,  r = 18 %   , t = 48 month =4 year

            [tex]= \frac{5455\times 18 \times 4}{100}[/tex]

            =$3927.6

Therefore total of the payment to financing is = $(5455+3927.6)

                                                                            = $ 9382.6

And monthly payment =$(9382.6÷48)

                                     =$781.88

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