Question

Tess is going to purchase a new car that has a list price of $29,190. She is planning on trading in her good-condition 2006 Dodge Dakota and financing the rest of the cost over four years, paying monthly. Her finance plan has an interest rate of 10.73%, compounded monthly. Tess will also be responsible for 7.14% sales tax, a $1,235 vehicle registration fee, and a $97 documentation fee. If the dealer gives Tess 75% of the listed trade-in price on her car, once the financing is paid off, what percent of the total amount paid over four years would be interest? (Consider the trade-in to be a reduction in the amount paid.)

Answer 1

what percent of the total amount paid over four years would be interest?

18,98% Interest %

Step-by-step explanation:

New car 29190 75% 21.893 Loan 10.193

% rate 10,73

Period 4

Sales tax 7,14% 1563,1245

vehicule registration 1235 1235

Fee 97 97

Period Payment Capital Interest Loan

10.193

1 262 171 91 10.022

2 262 172 90 9.849

3 262 174 88 9.675

4 262 176 87 9.500

5 262 177 85 9.322

6 262 179 83 9.144

7 262 180 82 8.963

8 262 182 80 8.781

9 262 184 79 8.598

10 262 185 77 8.413

11 262 187 75 8.226

12 262 189 74 8.037

13 262 190 72 7.847

14 262 192 70 7.655

15 262 194 68 7.461

16 262 195 67 7.266

17 262 197 65 7.069

18 262 199 63 6.870

19 262 201 61 6.669

20 262 202 60 6.467

21 262 204 58 6.263

22 262 206 56 6.056

23 262 208 54 5.848

24 262 210 52 5.639

25 262 212 50 5.427

26 262 214 49 5.213

27 262 215 47 4.998

28 262 217 45 4.781

29 262 219 43 4.561

30 262 221 41 4.340

31 262 223 39 4.117

32 262 225 37 3.891

33 262 227 35 3.664

34 262 229 33 3.435

35 262 231 31 3.203

36 262 233 29 2.970

37 262 236 27 2.734

38 262 238 24 2.497

39 262 240 22 2.257

40 262 242 20 2.015

41 262 244 18 1.771

42 262 246 16 1.525

43 262 248 14 1.276

44 262 251 11 1.025

45 262 253 9 772

46 262 255 7 517

47 262 257 5 260

48 262 260 2 (0)

12.581 10.193 2.388

18,98% Interest %