Question

Mark wants to buy a used car that is $18,800. He is required to make a 10% down payment. He can finance the balance on the car for 6 years at a rate of 5.2%. How much will Mark be financing for the car?

Answer 1

The amount Mark will be financing for the car is $16,920.

Step-by-step explanation:

To calculate how much Mark will be financing for the car, we need to find the amount of the down payment first. A 10% down payment on an $18,800 car is 0.10 x $18,800 = $1880.

To find the amount Mark will be financing, we subtract the down payment from the total price of the car. $18,800 - $1880 = $16,920.

Therefore, Mark will be financing $16,920 for the car.