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ements-J-MATH2010 XCE(a)(b)ORATIOS, PROPORTIONS, AND PERCENTSComputing the total cost and interest for a loanX +A ALEKS-Josephine NyameO8 https://www-awu.aleks.com/alekscgi/x/Isl.exe/1o_u-IgNslkr7j8P3jH-liJQhiJODya094wj2gUJSklb9ag PtGFIZ2D9LfhOHWTo pay for a $23,700 car, Milan made a down payment of $3300 and took out a loan for the rest. On the loan, he paid monthly payments of $366.57 for 5years.$What was the total amount Milan ended up paying for the car (including thedown payment and monthly payments)?SHow much interest did Milan pay on the loan? I need help with this problem.

Respuesta :

To calculate the ended up paying you must have in mind some data given by the exercise.

Down payment: $3300

Monthly Payments:$ 366.57

Since the monthly payments were made for five years and each year has twelve months, the total payment is 60 installments (5 times 12).

If we multiply the monthly value by the number of months during which the payment was made (60) added to the down payment we will have the total value paid.So,

[tex]3300+366.57(60)=25294.2[/tex]

It means that the total amount Milan ended up paying for the car (including the down payment and monthly payments) was $25294.2.

To calculate the interest we take the car's cost and subtract the total amount Milan ended up paying for it.

[tex]25294.2-23700=1594.2[/tex]

Milan paid 159

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