Tom has been saving for a new car and finally has the money to make the deal. He put down $3,800 and will be paying $325 a month for 5.5 years. What is the total cost of his purchase?
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Detailed Explanation
The total cost of the car = down payment + total installments
For total installments:
The first step is to find out the number of months Tom will pay:
5.5 years x 12 months in a year = 66 months
If he pays 325 per month, he will pay 325 x 66 = 21,450 in installments.
Add this to his down payment for the total cost of the car:
3,800 + 21,450 = 25,250 (the total cost of the car)
For total installments:
The first step is to find out the number of months Tom will pay:
5.5 years x 12 months in a year = 66 months
If he pays 325 per month, he will pay 325 x 66 = 21,450 in installments.
Add this to his down payment for the total cost of the car:
3,800 + 21,450 = 25,250 (the total cost of the car)
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