Answer :
To determine the selling price of Evita's car, we need to consider the information provided about her payment plan. Let's break down the steps to find the solution:
1. Monthly Payment:
- Evita's monthly payment is \[tex]$356.82. 2. Number of Months in a Year: - There are 12 months in a year. 3. Number of Years: - The payment plan spans 3 years. 4. Total Payments Over 3 Years: - To find the total amount paid in monthly payments over the 3 years, we multiply the monthly payment by the number of months and then by the number of years: \[ 356.82 \, (\text{monthly payment}) \times 12 \, (\text{months in a year}) \times 3 \, (\text{years}) = 12,845.52 \] 5. End-of-Year Balance: - At the end of three years, the remaining balance on the car is \$[/tex]8,563.39.
6. Interest Paid:
- Evita paid a total of \$2,408.91 in interest over the three years.
7. Selling Price Calculation:
- The selling price of the car can be found by adding the total amount paid in monthly payments and the end-of-year balance, then subtracting the interest paid:
[tex]\[ 12,845.52 \, (\text{total monthly payments}) + 8,563.39 \, (\text{end balance}) - 2,408.91 \, (\text{interest paid}) = 19,000.00 \][/tex]
Therefore, the selling price of the car is:
[tex]\[ \boxed{19,000.00} \][/tex]
1. Monthly Payment:
- Evita's monthly payment is \[tex]$356.82. 2. Number of Months in a Year: - There are 12 months in a year. 3. Number of Years: - The payment plan spans 3 years. 4. Total Payments Over 3 Years: - To find the total amount paid in monthly payments over the 3 years, we multiply the monthly payment by the number of months and then by the number of years: \[ 356.82 \, (\text{monthly payment}) \times 12 \, (\text{months in a year}) \times 3 \, (\text{years}) = 12,845.52 \] 5. End-of-Year Balance: - At the end of three years, the remaining balance on the car is \$[/tex]8,563.39.
6. Interest Paid:
- Evita paid a total of \$2,408.91 in interest over the three years.
7. Selling Price Calculation:
- The selling price of the car can be found by adding the total amount paid in monthly payments and the end-of-year balance, then subtracting the interest paid:
[tex]\[ 12,845.52 \, (\text{total monthly payments}) + 8,563.39 \, (\text{end balance}) - 2,408.91 \, (\text{interest paid}) = 19,000.00 \][/tex]
Therefore, the selling price of the car is:
[tex]\[ \boxed{19,000.00} \][/tex]