Question

How much will the monthly payment be for a new car priced at $14,350 if the current finance rate is 36 months at 3. 16%? Include financing the 8% TT&L and make a 30% down payment.



a)$279. 03

b)$325. 44

c)$305. 48

d)$436. 40

e)$398. 61

Answer 1

The monthly payment for the new car is; Choice A; $279. 03

Percentages

After the down payment of 30% and financing the 8% TT&L is made; it follows that;

The rest of the payment is;

• $14,350(1 - 0.38)

• $14,350(0.62)

Hence, $8,897 is the payment made over the course of the duration at a finance rate of 3.16%.

Ultimately, the monthly payment is; $8,897 × 0.0316 = $279.03

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