Sean bought a $3000 used car by making a $480 down payment and getting a loan for two years with payments of $115 per month.
A. Find the total amount to be paid on each vehicle.
B. Find the amount of interest the buyer would be paying .

Question

Sean bought a $3000 used car by making a $480 down payment and getting a loan for two years with payments of $115 per month.  
A. Find the total amount to be paid on each vehicle.
B. Find the amount of interest the buyer would be paying .

wasiqss · Answer

A)115*12+480
B){(115*12+480)-3000}*100/3000

mathmate · Answer

Note for Wasiqss: I believe the payments are for 24 months.

Use Wasiqss's formula for total payment, but change it for 24 months.
Assuming compound interest for the $2520 from the down payment, and assuming compounding is monthly,
use the forumula
Monthly payment
=P((1+r/12)^n*r/((1+r)^n-1)
where Monthly payment=115
P=principal = 2520
r=0.0889 (approx. annual interest)
n=24 months

wasiqss · Answer

ohhh sorry only lil mistake wrote 12 instead of 24