Mike wants to buy a new Dodge Charger. He is able to negotiate a price of $21,500 for the color and options he wanted. He can secure a 48 month car loan at 6.8% if he can make a down payment of 20% of the price

Question

Mathematics

Trinity Acosta

18 November, 06:23

Mike wants to buy a new Dodge Charger. He is able to negotiate a price of $21,500 for the color and options he wanted. He can secure a 48 month car loan at 6.8% if he can make a down payment of 20% of the price

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Answers (1)

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Zachery Davidson · Answer 1

To solve for the amount as downpayment, here is the solution:

$21,500 * 20% = $4,300

The monthly payment Mike has to pay for the car is:

$21,500 - $4,300 = $17,200 * 6.8% = $1,169.60 + $17,200 = $18,369.60 / 48 = $382.70