3 Mallie purchases a $12,000 car by taking out a loan. She will pay an 8% sales tax on the price of the car. She has also agreed to pay the loan plus tax back within 36 months at a simple Interest rate of 5%. Find each value listed in the table below, as well as the minimum monthly payment Mallie should make in order to repay the loan within the allotted time. Use the space provided to show your process.

Question

08-02-2021
Mathematics

Answered

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3 Mallie purchases a $12,000 car by taking out a loan. She will pay an 8% sales tax on the price of the car. She has also agreed to pay the loan plus tax back within 36 months at a simple Interest rate of 5%. Find each value listed in the table below, as well as the minimum monthly payment Mallie should make in order to repay the loan within the allotted time. Use the space provided to show your process.

Sagot :

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