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My math problem deals with interest and loan calculations.
Hello hello, I am completely lost on this one. My math problem deals with interest and loan calculations. The instructions require me to find the total amount financed, the installment price of the car, and finance charges I'd pay over the life of the loan.The loan scenario is the following:
The price of the used car is $28,700. Sales tax on this car is 4.75% of the price of the vehicle. You intend to finance the entire cost of the car and sales tax, less a down payment of $2,400. You intend to finance the car for 48 months and your car payment will be $630 per month.
Now I do know the simple interest formula is I=PRT. And, for time I'd use the number 4 to represent the time here in years. Can somebody give me a walk through on this??
