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#1 2013-05-14 04:12:26
- mom
- Member
- Registered: 2012-04-25
- Posts: 94
Calculating total cost
If I am paying a down payment of $300 and payments of $200 per month for 3 years with an interest rate of 12% compounded monthly, how do I calculate the cost of the car?
Am I on the right track using:
F=[(1+i)^n-1/i]*R+down payment = $8,915.38
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#2 2013-05-14 08:21:24
- bobbym
- bumpkin
- From: Bumpkinland
- Registered: 2009-04-12
- Posts: 109,606
Re: Calculating total cost
Hi mom;
How much is left on the car?
In mathematics, you don't understand things. You just get used to them.
If it ain't broke, fix it until it is.
Always satisfy the Prime Directive of getting the right answer above all else.
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#3 2013-05-14 08:56:36
- mom
- Member
- Registered: 2012-04-25
- Posts: 94
Re: Calculating total cost
Bobby,
I gave all of the information that the problem gives me.
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#4 2013-05-14 09:00:49
- bobbym
- bumpkin
- From: Bumpkinland
- Registered: 2009-04-12
- Posts: 109,606
Re: Calculating total cost
Hi;
How can I calculate the cost without knowing what is left? Does this imply that the payments are over? The car is paid for?
In mathematics, you don't understand things. You just get used to them.
If it ain't broke, fix it until it is.
Always satisfy the Prime Directive of getting the right answer above all else.
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#5 2013-05-14 09:16:34
- mom
- Member
- Registered: 2012-04-25
- Posts: 94
Re: Calculating total cost
a down payment of $300 and payments of $200 per month for 3 years with an interest rate of 12% compounded monthly. I have to calculate the total cost based on downpayment + payment for 3 years at 12% compounded monthly
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#6 2013-05-14 09:19:38
- bobbym
- bumpkin
- From: Bumpkinland
- Registered: 2009-04-12
- Posts: 109,606
Re: Calculating total cost
Hi mom;
Wouldn't the total cost be different depending on how much dough was left unpaid? If 31000 dollars is left then surely the original cost was different than if 8000 dollars is left.
In mathematics, you don't understand things. You just get used to them.
If it ain't broke, fix it until it is.
Always satisfy the Prime Directive of getting the right answer above all else.
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#7 2013-05-14 10:44:38
- mom
- Member
- Registered: 2012-04-25
- Posts: 94
Re: Calculating total cost
Its paid off in 36 payments. 3 years once a month
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#8 2013-05-14 10:56:42
- bobbym
- bumpkin
- From: Bumpkinland
- Registered: 2009-04-12
- Posts: 109,606
Re: Calculating total cost
Hi;
I am getting 6021.50 + 300 = 6321.50 for the price of the car.
In mathematics, you don't understand things. You just get used to them.
If it ain't broke, fix it until it is.
Always satisfy the Prime Directive of getting the right answer above all else.
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#9 2013-05-15 03:24:33
- mom
- Member
- Registered: 2012-04-25
- Posts: 94
Re: Calculating total cost
Thank you so much!!!
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#10 2013-05-15 03:28:43
- bobbym
- bumpkin
- From: Bumpkinland
- Registered: 2009-04-12
- Posts: 109,606
Re: Calculating total cost
Did the answer check out?
In mathematics, you don't understand things. You just get used to them.
If it ain't broke, fix it until it is.
Always satisfy the Prime Directive of getting the right answer above all else.
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#11 2013-05-15 04:30:55
- mom
- Member
- Registered: 2012-04-25
- Posts: 94
Re: Calculating total cost
It did. Thanks again
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#12 2013-05-15 04:35:12
- bobbym
- bumpkin
- From: Bumpkinland
- Registered: 2009-04-12
- Posts: 109,606
Re: Calculating total cost
That is a very good price for a car.
In mathematics, you don't understand things. You just get used to them.
If it ain't broke, fix it until it is.
Always satisfy the Prime Directive of getting the right answer above all else.
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