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avatar+1194 

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)?

 

A) $2,869

B) $14,423

C) $19,423

D) $24,423

E) $29,869

 Sep 12, 2019
 #1
avatar+19832 
+2

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

 Sep 12, 2019

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