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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
Administrator
From: Bumpkinland
Registered: 2009-04-12
Posts: 83,144

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.
I have the result, but I do not yet know how to get it.
All physicists, and a good many quite respectable mathematicians are contemptuous about proof.

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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
Administrator
From: Bumpkinland
Registered: 2009-04-12
Posts: 83,144

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.
I have the result, but I do not yet know how to get it.
All physicists, and a good many quite respectable mathematicians are contemptuous about proof.

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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
Administrator
From: Bumpkinland
Registered: 2009-04-12
Posts: 83,144

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.
I have the result, but I do not yet know how to get it.
All physicists, and a good many quite respectable mathematicians are contemptuous about proof.

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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
Administrator
From: Bumpkinland
Registered: 2009-04-12
Posts: 83,144

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.
I have the result, but I do not yet know how to get it.
All physicists, and a good many quite respectable mathematicians are contemptuous about proof.

Offline

#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
Administrator
From: Bumpkinland
Registered: 2009-04-12
Posts: 83,144

Re: Calculating total cost

Did the answer check out?


In mathematics, you don't understand things. You just get used to them.
I have the result, but I do not yet know how to get it.
All physicists, and a good many quite respectable mathematicians are contemptuous about proof.

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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
Administrator
From: Bumpkinland
Registered: 2009-04-12
Posts: 83,144

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.
I have the result, but I do not yet know how to get it.
All physicists, and a good many quite respectable mathematicians are contemptuous about proof.

Offline

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