A woman purchases a car for $12,000. She pays $3,000 as a down payment and finances the remaining amount at 6% interest compounded monthly for 4 years. What is her monthly car payment? How much would she pay in interest altogether?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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(4) A woman purchases a car for $12,000. She pays $3,000 as a down payment and
finances the remaining amount at 6% interest compounded monthly for 4 years.
What is her monthly car payment? How much would she pay in interest altogether?
Transcribed Image Text:(4) A woman purchases a car for $12,000. She pays $3,000 as a down payment and finances the remaining amount at 6% interest compounded monthly for 4 years. What is her monthly car payment? How much would she pay in interest altogether?
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