Monthly Loan Payment-Extension

READ THIS!
The past few lessons we have used the Monthly Payment Formula to calculate how much someone would have to pay back each month when taking out a loan.
This formula incorporates both the principal and interest that the consumer would pay back each month.

Because of high interst rates, it can be really expensive to borrow money!

But don't fear!
We can bring down our monthly loan payments by first applying a down payment. 

A down payment is a one time payment that will ultimetly lower how much you have to borrow and thus lower your interest owed.

The higher your down payment, the lower the monthly payments will be!

Required

1

Suppose you want to buy a brand new Nissan Versa for $15,000. You chose a 36 month payment plan and have a 10.02% interest rate. How much will the monthly payment be?
(Remember to screenshot your Desmos answer for credit!)

Required

1

In regards to the above scenario, how much will be paid total for the car?
(Remember! MonthlyPayment * #ofMonths)

$484.15 may be a lot to come up with every month for the next 3 years!
We can lower the monthly payment and total paid by applying a down payment.

Required

1

Suppose you work at Wild Waves and saved up $5000 for a down payment. If the car costs $15,000 and you pay a $5000 down payment, how much left will you need to borrow? (This will be your new principal)

Required

1

After applying the $5000 down payment, you still decide to take the 36 month lease with a 10.02% interest rate. Calculate your new monthly payment.

Required

1

In this new scenario how much will be paid total for the car?
(Remember! (MonthlyPayment * #ofMonths) + Downpayment )

Required

0

Suppose you want to buy a brand new Nissan Versa for $15,000. You chose a 36 month payment plan and have a 10.02% interest rate. How much will the monthly payment be?(Remember to screenshot your Desmos answer for credit!)

In regards to the above scenario, how much will be paid total for the car?(Remember! MonthlyPayment * #ofMonths)

Suppose you work at Wild Waves and saved up $5000 for a down payment. If the car costs $15,000 and you pay a $5000 down payment, how much left will you need to borrow? (This will be your new principal)

After applying the $5000 down payment, you still decide to take the 36 month lease with a 10.02% interest rate. Calculate your new monthly payment.

In this new scenario how much will be paid total for the car?(Remember! (MonthlyPayment * #ofMonths) + Downpayment )

What are the advantages to applying a down payment to a loan?

Suppose you want to buy a brand new Nissan Versa for $15,000. You chose a 36 month payment plan and have a 10.02% interest rate. How much will the monthly payment be?
(Remember to screenshot your Desmos answer for credit!)

In regards to the above scenario, how much will be paid total for the car?
(Remember! MonthlyPayment * #ofMonths)

In this new scenario how much will be paid total for the car?
(Remember! (MonthlyPayment * #ofMonths) + Downpayment )