we have the following components of an automobile loan: purchase price (includes taxes and fees)…

we have the following components of an automobile loan: purchase price (includes taxes and fees): $10,341.77; down - payment: $2700; payments: $285.30 for 38 months. part 1 of 3 find the amount financed. the amount financed is $7641.77. part 1 / 3 part 2 of 3 find the total installment price. the total installment price is $

we have the following components of an automobile loan: purchase price (includes taxes and fees): $10,341.77; down - payment: $2700; payments: $285.30 for 38 months. part 1 of 3 find the amount financed. the amount financed is $7641.77. part 1 / 3 part 2 of 3 find the total installment price. the total installment price is $

Answer

Explanation:

Step1: Calculate total of monthly payments

The monthly payment is $285.30 and the number of months is 38. So we multiply them: $285.30\times38$. $285.30\times38 = 10841.4$

Step2: Add down - payment to total of monthly payments

The down - payment is $2700. We add it to the total of monthly payments to get the total installment price. $10841.4+ 2700=13541.4$

Answer:

$13541.4$