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What is the monthly payment for your new car

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Reference no: EM132012374

You are looking to purchase a new car. The car is listed for $25,000. The dealership is offering a 10% discount off sticker price when you trade in a vehicle. After negotiating, the dealer is willing to give you an additional $2,500 for your trade in. You decide to finance the balance of the car through the dealership for 5 years at 5.2% compounded monthly. What is the monthly payment for your new car?

Tamika made an initial deposit of $4,200 in an account for her son. Assuming an interest rate of 11% compounded quarterly, how much will the account be worth in 15 years?

Reference no: EM132012374

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