Question

Section 1.5: Mortgages and Credit Cards7. If you buy a $24,000 car for $1000 down and monthly payments of $492.39 for 54 months, how much will you pay in total for the car? Round your answer to the nearest dollar.$

Answer 1

Given:

Cost of car = $24000

Down payment = $1000

Monthly payments = $429.39

Number of months = 54

Let's find the total payment you will make for the car.

To find the total payment, apply the formula:

Total payment = Down payment + (monthly payment x number of months)

Total payment = 1000 + (492.39 x 54)

Total payment = 1000 + 26589.06 = 27589.06

Therefore, the total amount you will pay for the car to the nearest dollar is $27589

ANSWER:

$27589