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Mathematics, 24.06.2019 09:40 ayeheavymetal

^^ -rudy has arranged to buy a car for $10,240. he has a $3000 trade-in allowance and will make a $2000 down payment. he will finance the rest with a 3-year auto loan at 3.4% apr. monthly car loan payment per $1000 borrowed. (a) how much money will he borrow in an auto loan? (b) what will his monthly auto payment be? (c) what is the total amount of interest he will pay? (d) what is his total payment for the car?

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Answer from: raylener5841

Monthly Car Loan Payment Per $1000 Borrowed is $29.26

(a) money he will borrow for loan = $ 5240

(b) monthly auto payment = $ 153.32

(c) the total amount of interest he will pay is $279.52

(d) Total payment for car= $ 10,519.52

Given Information :

The cost of car is $10,240. He has allowance of $3000 and He will make a $2000 down payment.

We find out the monthly car loan payment for every $1000 borrowed.

Lets use monthly payment formula

$A=\frac{P\cdot \frac{r}{n} }{1-(1+\frac{r}{n})^{-nt} }$

Where P is the loan amount.

r is the rate of interest and t is the number of years

n is the period

P=1000

Given that 3-year auto loan at 3.4% APR.

t=3, r= 3.4%= 0.034, n=12

Substitute all the values and calculate the monthly loan

$A=\frac{P\cdot \frac{r}{n} }{1-(1+\frac{r}{n})^{-nt} }\\A=\frac{1000\cdot \frac{0.034}{12} }{1-(1+\frac{0.034}{12})^{-12\cdot 3} }\\A=\frac{1000\cdot \frac{0.034}{12}}{1-\left(\frac{0.034}{12}+1\right)^{-36}}\\A=\frac{2.83333\dots }{1-1.00283\dots ^{-36}}\\A=29.25782$

Monthly Car Loan Payment Per $1000 Borrowed is $29.26

The cost of car is $10,240. Allowance = 3000 and down payment = 2000

(a) Auto loan = cost of car - allowance - down payment

$Auto \; loan = 10240 - 3000 -2000=5240$

(b) Monthly Car Loan Payment Per $1000 Borrowed is $29.26

Monthly car loan payment for $5240 is

$\frac{5240}{1000} * 29.26=153.32$

(c) first we find out the total loan amount paid in 3 years (36 months)

$36 \cdot 153.3224=5,519.52$

To find the amount of interest he pay , we subtract the loan amount

5,519.52-5240=279.52

the total amount of interest he will pay is $279.52

(d) Total payment for car = down payment +total loan amount paid

Total payment for car = 5000+5519.52=10,519.52

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Answer from: raquelqueengucci25

(-) $29.26 per thousand for a 3-year 3.4% loan

(a) $5,240

(b) $153.32

(c) $279.52

Step-by-step explanation:

• Payment per thousand

The payment amount can be computed from the formula ...

A = P(r/n)/(1 -(1 +r/n)^(-nt))

where P is the principal amount, r is the annual rate, n is the number of payments per year, and t is the number of years.

For a $1000 3-year loan at 3.4%, this evaluates to ...

A = 1000(0.034/12)/(1 -(1 +0.034/12)^(-12·3)) ≈ $29.26

The monthly car payment per $1000 borrowed is $29.26.

__

• Rudy's trade-in allowance and down payment will reduce the amount he finances to ...

$10,240 -3000 -2000 = $5,240

__

• $5,240 = 5.24 × $1000, so Rudy's payment will be ...

5.24 × $29.26 = $153.32

__

• The amount of interest Rudy pays is the difference between the amount paid back and the amount of the loan.

(36 mo)×($153.32/mo) - 5240 = $279.52

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Answer from: Quest

answer: idk

step-by-step explanation:

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Answer from: Quest

2160ft3

step-by-step explanation:

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