Jeff wants to buy a new ford fusion for $24,200, with shipping costs of $864 and interest cost of $1,000. if jeff pays in 72 equal payments, what will jeff's monthly payment be?

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01-09-2022
Business

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Jeff wants to buy a new ford fusion for $24,200, with shipping costs of $864 and interest cost of $1,000. if jeff pays in 72 equal payments, what will jeff's monthly payment be?

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QWCyan QWCyan · Answer 1 · 2022-09-08T02:47:34-04:00

His monthly payment will be $362. The cost of a New Ford is $24,200. The cost of shipping is $864. The cost of interest is $1000. The total number of installments paid is 72.

The cost of a new Ford Fusion is $24,200.

All other expenses should be added to the cost:

$24,200 + $864 + $1000 = $26,064.

This payment is done in 72 equal installments so we need to divide the amount by 72.

The cost of one installment or monthly payment is $362.

An installment basis is a way by which vehicles and houses can be bought by paying monthly payments. As the cost of these goods is it may be better to pay on monthly basis rather than a lump sum. The cost of paying in a lump sum may be lesser than the cost of installment basis as the interest will not be added.

Learn more about payment on a monthly basis here:

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