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**mom****Member**- Registered: 2012-04-25
- Posts: 94

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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**bobbym****Administrator**- From: Bumpkinland
- Registered: 2009-04-12
- Posts: 105,349

Hi mom;

How much is left on the car?

**In mathematics, you don't understand things. You just get used to them.****If it ain't broke, fix it until it is.****No great discovery was ever made without a bold guess. **

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**mom****Member**- Registered: 2012-04-25
- Posts: 94

Bobby,

I gave all of the information that the problem gives me.

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**bobbym****Administrator**- From: Bumpkinland
- Registered: 2009-04-12
- Posts: 105,349

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.****If it ain't broke, fix it until it is.****No great discovery was ever made without a bold guess. **

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**mom****Member**- Registered: 2012-04-25
- Posts: 94

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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**bobbym****Administrator**- From: Bumpkinland
- Registered: 2009-04-12
- Posts: 105,349

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.****If it ain't broke, fix it until it is.****No great discovery was ever made without a bold guess. **

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**mom****Member**- Registered: 2012-04-25
- Posts: 94

Its paid off in 36 payments. 3 years once a month

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**bobbym****Administrator**- From: Bumpkinland
- Registered: 2009-04-12
- Posts: 105,349

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.****If it ain't broke, fix it until it is.****No great discovery was ever made without a bold guess. **

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**mom****Member**- Registered: 2012-04-25
- Posts: 94

Thank you so much!!!

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**bobbym****Administrator**- From: Bumpkinland
- Registered: 2009-04-12
- Posts: 105,349

Did the answer check out?

**In mathematics, you don't understand things. You just get used to them.****If it ain't broke, fix it until it is.****No great discovery was ever made without a bold guess. **

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**mom****Member**- Registered: 2012-04-25
- Posts: 94

It did. Thanks again

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**bobbym****Administrator**- From: Bumpkinland
- Registered: 2009-04-12
- Posts: 105,349

That is a very good price for a car.

**In mathematics, you don't understand things. You just get used to them.****If it ain't broke, fix it until it is.****No great discovery was ever made without a bold guess. **

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