l 5l1s014 EacrbsdLear. 3
$ 8. Assurne the car can be purchased for CIo/a down for 60 rrcnths (in lieu of rebate).
'l A car with a sticker price of $42,gOO with factory and dealer rebates of g5,100 ',
I (a) Find the rrcnthly paynrent if financed for 60 npnths at 0olo APR. (Round your I 6nswer to the nearest cent.) ;
$
(b) rind the rmnthly paynent if financed at 2,5o/o add-on interest for 60 rmnths. (Round your answer to the nearest cent.) $
(c) Use the APR approxirnation fortnrla to find the APR for part (b). (Round your answer to one decinml place.)
o/o
(d) State whether the 0olo APR or the 2.5olo add-on rate should be preferred. O oolo APR O 2.5o/a add-on rate
hleEcHeip? ffiffi
)Af; 4.7811.57 points I Previous Answers Mytlotes I SmitrNMl 2 11.2.045.1 ' For the car loan described, give the following inforrnation. ; A newspaper advertisenent offers a $4,000 used car for nothing down and 3Gi easy nnnthly paynents of g141.G2. I (a) annunt to be paid i $ s0e8.32 ** ,
(b) amount of interest
$ 10e8.32 *r
I (c) interest rate (Round your answer to two decirnal places.) : o/o
: fd) APR (rounded to the nearest tenth percent) olo
Needl-ieir:? ffiilffi#. -_tu_d,i*
tfh6://uetboad.straFr'edrir€bapps/porH/hanE6e{.jspfurl=%2FuEbapps%2FH*rberd%trwtho/o*laurnher%3Ft}pe%3DCor"rse%2frd%3D 1214go ... 3fi