Your friend just purchased a new sports car for $32000. He received $6000 for his trade in and he used that money as a down payment for the new sports car. He financed the vehicle at 6.76 APR over 48 months. Determine the amount financed from the given information.

Question

Mathematics

Xander Farley

20 October, 20:35

Your friend just purchased a new sports car for $32000. He received $6000 for his trade in and he used that money as a down payment for the new sports car. He financed the vehicle at 6.76 APR over 48 months. Determine the amount financed from the given information.

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Itzel Fleming · Answer 1

Hi there,

We are given that the car buyer paid $26,000 for his sports car. To find the finance charge, you must subtract this from the total of his 48 payments. 48 · 619.15 - 26000 = $3719.20. Notice that you never needed the 6.76% APR because that was used to find the monthly payment. The answer to your problem is $3719.20.