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Algebra Chapter 2 Project

# Algebra Chapter 2 Project - City Motors 1 =...

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City Motors 1 = 18,300 [(1-(1+(.11/12) -48 ))/(.11/12)] -1 = \$472.97 City Motors 2 = 18,500 [(1-(1+(.045/12) -36 ))/(.045/12)] -1 = \$550.32 City Motors 3 = 18,500 [(1-(1+(.079/12) -48 ))/(.079/12)] -1 = \$450.77 Arrow Imports 1 = 18,100 [(1-(1+(.099/12) -48 ))/(.099/12)] -1 = \$458.19 Arrow Imports 2 = 18,500 [(1-(1+(.039/12) -24 ))/(.039/12)] -1 = \$802.54 To buy this car, City Motors offers three different payment plans. The first will cost \$472.97 per month for 48 months. The second will cost \$550.32 per month for 36 months. The third will cost \$450.77 per month for 48 months. Arrow Imports offers two different payment plans. The first will cost \$458.19 per month for 48 months. The second will cost \$802.54 per month for 24 months. City Motors 1 = 472.97 * 48 = \$22702.56 City Motors 2 = 550.32 * 36 = \$19811.52 City Motors 3 = 450.77 * 48 = \$21636.96 Arrow Imports 1 = 458.19 * 48 = \$21993.12 Arrow Imports 2 = 802.54 * 24 = \$19260.96 The total cost of each car is calculated by multiplying the monthly payment by the
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