You go to a car dealer and pick out a vehicle that costs $31,210 "out-the-door." instead of paying all the cash upfront, you can put down an amount and finance the rest of the car loan. the money will be financed over 5 years at 4.5%. by hand, compute the following:
if you put down 15% of the car’s cost, what is the amount of the car loan?
find the total amount paid for the car (including the down payment)

Cost of car = $31,210

Now we are given that  you put down 15% of the car’s cost.

So, Down payment =

                                =

                                =

So, Amount of car loan =  Total cost - Down payment

Amount of car loan =$31210 - $4681.5

                                 =$26528.5

Thus Amount of car loan is $26528.5

Now To find the total amount of car

Principal = $26528.5

Rate of interest = 4.5%

Time = 5 years

Total amount including down payment = $33059.337533+$4681.50 = $37740.837533

Hence  the total amount paid for the car (including the down payment) is $37740.83

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step-by-step explanation:

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