Forrest is purchasing a car priced at $7,299. His down payment is $299, and his monthly payments are $165 per month for 48 months.

What is the deferred cost of the car?

$165 x 48 = $7920 which is what he has to pay in total for 48 months $7920 + $299 = $8219 therefore, the total he pays for his car is $8219 :)

Answered by cloudydreams | 2024-06-10

The question involves calculating the deferred cost of a car that Forrest plans to buy. To find the deferred cost, we must consider the total amount paid over the course of the loan, excluding the down payment, and then add the down payment to this total. Here's how you calculate it:
Monthly payments: 48 months at $165 per month.
Total paid over the loan period (without down payment): 48 months x $165/month = $7,920.
Add the down payment to the total loan payments to get the deferred cost: $7,920 + $299 down payment = $8,219.
Therefore, the deferred cost of the car is $8,219.

Answered by MonteBlue | 2024-06-24

The deferred cost of the car is calculated by subtracting the car's price from the total amount paid after financing. After calculating, the deferred cost comes to $920 . This amount represents the extra cost incurred due to financing after the down payment.
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Answered by cloudydreams | 2024-10-17