If you are considering purchasing a used car you should

Asked by admin @ in Business viewed by 251 People

You are considering purchasing a new automobile that will cost you​ $28,000. The dealer offers you​ 4.9% APR financing for 60 months​ (with payments made at the end of the​ month). Assuming you finance the entire​ $28,000 and finance through the​ dealer, your monthly payments will be closest​ to:

Answered by admin @


Options:

A) $1454

B) $527

C) $467

D) $457

Answer: B. $527

Explanation: A dealer is a person or organisation that buys and sells a particular commodity,product or service. A dealer can be trading shoes,Cars,Cooking Utensils etc.

Financing is a term used to describe the process through which the total amount or cost of a particular product or commodity is paid for. A financing plan can be MONTHLY, QUARTERLY, BIANNUAL OR ANNUAL ETC.

In order to determine the monthly payment we have to determine the monthly interest rate

Monthly interest rate = APR/12 months = .049/12 = .004083 or .4083%.

28,000 = Monthly payment× (1/0.004083) × (1 - 1/(1.00408360))

Monthly payment = $527.11. THE TOTAL MONTHLY INSTALLMENTAL PAYMENT WILL BE CLOSEST TO (B) WHICH IS $527.


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