Frank purchased a car for $14,870. he made a down payment of $1,640. he applied for a five-year installment loan with an interest rate of 9.6%. what is the total cost of the car after five years? a.) $14,500.08 b.) $16,297.52 c.) $16,710.00 d.) $18,350.00

d.) $18,350.00

Step-by-step explanation:

Given,

The original value of the car = $ 14,870,

Down payment = $ 1,640,

So, the present value of the loan, PV = original value - down payment

= $ 14,870 - $ 1,640,

= $ 13,230,

Rate of interest per year = 9.6% = 0.096,

So, the monthly rate, r =   ( ∵ 1 year = 12 months )

Time = 5 years,

So, the number of installments, n = 12 × 5 = 60,

Thus, the amount of each installment of the loan,

≈ $ 278.50,

Hence, the total value of the car after 5 years = each installment × number of installments + down payment

= 278.50 × 60 + 1640

= 16710 + 1640

= $ 18,350.00

i.e. OPTION d) is correct.

step-by-step explanation: given equation a = h(b 1+b 2)

also we are given values of a, h and b 1 as :

a = 16, h = 4, and b 1 = 3.

in order to solve it for b 2, we need to plug the given values of   a, h and b 1 .

therefore, plugging values of   a, h and b 1   in given equation, we get

16 = 4( 3 + b 2)

first dividing both sides by 4, we get

4 = 3 + b 2

subtracting 3 from both sides, we get

4 -3 = 3 -3 + b 2

1 = b 2.

answer: c

step-by-step explanation