How much will molly monthly payment be using the bankrate

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Reference no: EM132797347

Excited to buy her dream car, Molly rushes into her local Jeep dealership. Molly picks out a car, sits down at the financing desk, and hears the following:

"Well, we ran your credit history. You've got a really thin file -- just a year's worth of student loan payments. The deal you saw was for 'well qualified buyers.' The best deal we can offer you is 6.6% for 60 months. A little more bad news -- the cash allowance is also based on credit history, so you don't qualify for $500. That said, you're excited about a Jeep, and want to see you driving one, so can do $400 for you!"

Problem 1: Molly still has a $2500 down payment. How much loan does Molly need?

Problem 2: How much will Molly's monthly payment be using the Bankrate calculator?

Problem 3: How much total interest will Molly pay using this plan?

Problem 4: When Molly adds all of her payments, how much will the car cost her?

Reference no: EM132797347

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