Jared has taken out a loan for his car. His monthly payments amount to $650. If his loan is for 36 months, and he paid a down payment of $400, what is the total cost of the car for Jared?
Answers
Total cost of the car for Jared is $ 23800
Solution:
Monthly payment of loan of a car = $650
Time period for loan = 36 months
So, Total payment of 36 months = 36 x 650 = 23400
He paid the down payment of amount $400
Total cost is equal to the sum of the down payment and the monthly payment times the number of months
Therefore,
Total cost = 23400 + 400 = 23800
Thus, total cost of the car for Jared is $ 23800
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