Answered

Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Join our Q&A platform and get accurate answers to all your questions from professionals across multiple disciplines. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

Cassandra purchased a new car. The car had a list price of $16,870. Cassandra made a down payment of $1,800 and financed the rest, paying 12. 3% interest compounded monthly over a payment period of four years. If Cassandra also had to pay 7. 8% sales tax, a $895 vehicle registration fee, and a $68 documentation fee, what is her monthly payment? a. $446. 74 b. $459. 42 c. $461. 41 d. $507. 9.

Sagot :

anthougo

Cassandra's monthly payment for the financing of her new car is b. $459. 42.

Data and Calculations:

List price of Cassandra's car = $16,870

Sales tax (7.8%) = $1,315.86 ($16,870 x 7.8%)

Vehicle Registration Fee = $895

Documentation Fee = $68

Total costs = $19,148.86

Down payment = $1,800

Amount financed after the down payment = $17,348.86 ($19,148.86 - $1,800)

Monthly payment:

N (# of periods) = 48 (4 years x 12 months)

I/Y (Interest per year) = 12.3%

PV (Present Value) = $15,070

FV (Future Value) = $0

Results:

Monthly Payment = $459.42

Sum of all periodic payments = $22,052.24

Total Interest = $4,703.38

Thus, her monthly payment is b.

Learn more: https://brainly.com/question/24792423

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.