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Back to 6.11 Buying or Leasing a Car

6.11 Exercise 5

Avg difficulty 2.5

In the following, calculate the monthly payment using the given total to be financed, the interest rate, and the term of the car loan.

  1. Total to be financed is $31,885, interest rate is 2.9%, for 5 years.
  2. Total to be financed is $22,778, interest rate is 4.5%, for 6 years.

OpenStax Contemporary Mathematics, 6.11 Buying or Leasing a Car, exercise 5

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.