Question

The Jackson family bought anew car for $30,000. Because of a special sale, the price was reduced by a debate of $1,000. The Jackson's then made a down payment of $9,000. They paid the rest of the money over 36 months with an intrest-free loan. What was the Jackson's monthly car payment? Round your answer to the nearest cent.

Answer 1

$555.56

Explanation:

Since they got a $1000 rebate, that brings the price from $30,000 to $29,000. They also paid $9,000 down, so that leaves $20,000 to pay monthly.

Since it is over 36 months, divide the remaining price by 36.

20,000 ÷ 36 = 555.555555555555