MATH

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Assurne the car can be purchased for CIo/a down for 60 rrcnths (in lieu of rebate). 'l A car with a sticker price of $42,gOO with factory and dealer rebates of g5,100

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I (a) Find the rrcnthly paynrent if financed for 60 npnths at 0olo APR. (Round your I 6nswer to the nearest cent.) ;

$

(b) rind the rmnthly paynent if financed at 2,5o/o add-on interest for 60 rmnths. (Round your answer to the nearest cent.) $

(c) Use the APR approxirnation fortnrla to find the APR for part (b). (Round your answer to one decinml place.)

o/o

(d) State whether the 0olo APR or the 2.5olo add-on rate should be preferred. O oolo APR O 2.5o/a add-on rate

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)Af; 4.7811.57 points I Previous Answers Mytlotes I SmitrNMl 2 11.2.045.1 ' For the car loan described, give the following inforrnation. ; A newspaper advertisenent offers a $4,000 used car for nothing down and 3Gi easy nnnthly paynents of g141.G2. I (a) annunt to be paid i $ s0e8.32 ** ,

(b) amount of interest

$ 10e8.32 *r

I (c) interest rate (Round your answer to two decirnal places.) : o/o

: fd) APR (rounded to the nearest tenth percent) olo

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