Jennifer has to purchase a new car and wants to finance at most 3/4 of the total cost of the car (purchase price plus interest). The interest rate for financing right now is 1%. If she has $5,000 to put down, what is the most the car can cost (round to the nearest dollar)?
I am not sure I can get an answer that you have listed.....I come up with $ 19417 which is closest to answer "c"
Interest on her purchase will be .01 (3/4 x) where x is the original price of the car
the interest PLUS 1/4 of the price of the car needs to equal 5000 down
so .01 (3/4x) + 1/4 x = 5000
.2575 x = 5000
results in x =$ 19417