The table shown represents the details of a car loan.
Cost of car
So I need to find the values of all the bolded letters but I'm super confused on how to do that. Thank you so much in advance!
Amount financed = cost of car - down payment = 11578 - 4100 = 7478
Amt repaid = monthly payment x months = 251.34 x 36 = 9048.24
Finance charge = amt repaid - amt financed = 9048.24 - 7478 = 1570.24
Cost of car = down payment + amt repaid = 4100 + 9048.24 = 13,148.24
Yep I just did the question myself and I reached the same answer as CPhill
Here to help
Well.....two great minds couldn't be wrong ( could we ??? )