Question

Trevor is making payments on a car that cost $26,555 he makes 36 equal payments if he runs to equal payments up to the nearest whole dollar about how much will he overpay after 36 months

Answer 1

The over payment amount after 36 months is $ 0.37

Explanation:

Given as :

The cost of the Car = $ 26,555

The number of times payment done for 36 month = 36

So, The the cost of car for 36 equal payment =
`(\textrm Total cost of car)/(\textrm number of times payment done )`

i.e The the cost of car for 36 equal payment =
`(26,555)/(36)`

∴ The the cost of car for 36 equal payment = $ 737.6389

Now rounding this value to nearest whole dollar = $ 738

Note - A) If after decimal , number are above 4 then round it to 1 above digit

B) If after decimal , number 4 or less then simply remove all number after decimal

So, The over payment after 36 months = $ 738 - $ 737.63 = $ 0.37

Hence The over payment amount after 36 months is $ 0.37 Answer