Wade Ellis buys a new car for $16,515.75. He puts 10% down and obtains a simple interest amortized loan for the rest at 1112% interest for four years. (Round your answers to the nearest cent.)
Question
Wade Ellis buys a new car for $16,515.75. He puts 10% down and obtains a simple interest amortized loan for the rest at 1112% interest for four years. (Round your answers to the nearest cent.)
Solution
The question seems to be incomplete. However, I can help you calculate the down payment and the loan amount.
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Calculate the down payment: Wade Ellis puts down 10% of the car price. So, Down payment = 10/100 * 1,651.57
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Calculate the loan amount: The loan amount would be the car price minus the down payment. So, Loan amount = 1,651.57 = $14,864.18
The interest rate and the loan term are not clear in the question (1112% seems to be a typo). If you provide the correct interest rate, I can help you calculate the monthly payments and the total amount paid over the four years.
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