2. Rhianna is buying a car for $14,390. She has a $1000 trade-in allowance and will make a $1500 down payment. She will finance the rest with a 4-year auto loan at 2.6% APR.

Question

Mathematics

Martha Duarte

15 September, 09:49

2. Rhianna is buying a car for $14,390. She has a $1000 trade-in allowance and will make a $1500 down payment. She will finance the rest with a 4-year auto loan at 2.6% APR.

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Answers (1)

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Nehemiah Hobbs · Answer 1

Answer: Her payment will be $261

To find this value, you just need to start with the numbers that you know.

First, find the cost of the loan. 14390 - 1000 - 1500 = 11890

We have to subtract her down payment and trade in allowance.

Then, we need the rate of 2.6%

Finally, the term of the loan is 4 years or 48 months.

Simply plug these values into your equation or use an online calculator. There are numerous ones you can find online.