Question

he table shows a schedule of Evita’s payment plan for a used car.

Evita’s Payment Plan for the First Three Years
Year
Balance
Monthly Payment
End of Year
Balance
1

$356.82

2

$356.82

3

$356.82
$8,563.39

Evita paid $2,408.91 in interest. What was the selling price of the car?
$12,845.52
$17,127.07
$19,000.00
$21,408.91

Answer 1

The selling price of the car is $19,000.00

What is Selling Price?

This refers to the amount of money that a customer is willing to pay for a product or service.

Given that the payment plan for three years is:

$356.82 +

$356.82 +

$356.82

= $1,070.46

The interest paid by Evita over three years is $2,408.91 x 3

= $7,226.73

Hence, we can see that the question is incomplete but because there is a 25.36% interest rate, then the selling price is $19,000

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