1. A vehicle is purchased for $19,800, and the lender requires a down payment of 20% of the purchase price. Find the down payment.

$15,840
$7,023
$3,960
$396
2. The amount financed is the difference between the purchase price and the down payment.

True
False
3. A compact car is purchased for $12,800 with a down payment of $3,085. The balance in financed for three years at an annual rate of 5%. Calculate the monthly car payment.

$92.46
$291.17
$383.63
$489.12

Question

1. 	A vehicle is purchased for $19,800, and the lender requires a down payment of 20% of the purchase price. Find the down payment.
 		
	$15,840
	$7,023
	$3,960
	$396
2. 	The amount financed is the difference between the purchase price and the down payment.
 		
	True
	False
3. 	A compact car is purchased for $12,800 with a down payment of $3,085. The balance in financed for three years at an annual rate of 5%. Calculate the monthly car payment.
 		
	$92.46
	$291.17
	$383.63
	$489.12

tkhunny · Answer

Show your work, please.  Surely, you can do the first.

phagey · Answer

ok is number 1 $3,960 i multiplied 19,800 with 20

tkhunny · Answer

19800 * 20% = 19800 * 0.20 = 3960 -- Yup.

Next.

phagey · Answer

2 is true

phagey · Answer

i dont know how to do number 3

tkhunny · Answer

Good.

First, find the amount financed.

phagey · Answer

will i do 12,800-6400? to find the amount finaced

tkhunny · Answer

??  12800 - 3085 = ??

phagey · Answer

how you get 3085?

phagey · Answer

but its 9715?

tkhunny · Answer

Ummm... The problem statement?

A compact car is purchased for $12,800 with a down payment of $3,085. The balance in financed for three years at an annual rate of 5%. Calculate the monthly car payment.

152800 - 3085 = 9715

phagey · Answer

oh i got mixed up sorry whats our next step?

tkhunny · Answer

Either:

1) You have the right formula for periodic payments, or
2) We create the formula, or 
3) Maybe we can use a spreadsheet.

Take your pick.