Question

3. Frank wants to buy a $3,000 car. He got a loan to pay lor the car that costs him

$120 per month that he has to pay for the next 3 years. How much more money
did Frank pay for the car than what the car was worth to begin with? If you were
Frank, would you be willing to pay that much to get the car? Why or why not?

Answer 1

He would pay $4,320 back

Explanation:

If he pays $120 a month then

$120 x 12 (12 months in a year)

$1440 x 3 = $4,320

He would have to pay $1,320 extra for the car. I wouldn't be willing to buy the car.