Question

A car dealer will sell you the $22,492 car of your dreams for $3,990 down and payments of $449.18 per month for 48 months. what is the total amount paid for both car and financing?

Answer 1

The total cost of the car, including the down payment and the total of the monthly payments over 48 months, is $25,550.64.

Step-by-step explanation:

To calculate the total amount paid for both the car and financing, we must first consider the initial down payment and then add the total of all monthly payments made over the 48 months. The down payment is a one-time payment made at the beginning, while the monthly payments are made over the course of 48 months.

The down payment for the car is $3,990. There are monthly payments of $449.18 each. To find the total of the monthly payments, we multiply the monthly payment amount by the number of payments:

• Monthly payments total: $449.18 × 48 = $21,560.64

Next, we add the down payment to the total of the monthly payments to find the overall total amount paid:

• Total amount paid: $3,990 (down payment) + $21,560.64 (total monthly payments) = $25,550.64

The final answer in two line explanation: The total amount paid for the car including down payment and financing over 48 months is $25,550.64. This is the sum of the down payment and the total of all monthly payments made for the car.