I need to understand how to figure out a word problem to compare financing a car for 0% financing for 60 months or 2500 vs a 60 month 4 % interest rate.
Payments at 0 % are 16.67 per 1000 and payments at 4 % are $18.41 per $1000 financed. Need to know how to find out the range of new car prices for which the cash back options will cost me less. For what range of car prices should I take for the 0% financing?
Hello and thank you for posting your problem to Brainmass.
Let x be the amount finanaced in $1000. For eample, for a total finanacing of $30,000 we have x=30.
So each payment of ...
A word problem is solved using an inequality. The solution is detailed and well presented. The response received a rating of "5" from the student who originally posted the question.