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Marty doesn't have any money saved and he does not want to wait to buy a car . He goes to the dealership and takes out a loan for the $15,000 car . His payments will be $ 500 per month for 3 years (36 months ) . How much will Marty pay for his $ 15,000 car ?

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Varshamittal029idn

Marty will have to pay $18,000 for his $15,000 car.

While taking out a loan, the amount taken has to be repaid along with an interest. Thus, the amount paid back by the borrower is always greater than the initial amount that the borrower gets from the lender as a loan.

Here, we are given that Marty has to pay $500 per month for 3 years to repay the loan for his $15,000 car.

Thus, for one month he pays = $500

and also we know that 1 year = 12 months

⇒ 3 years = 12(3) = 36 months

Therefore, for 36 months Marty will have to pay,

500 × 36 = 18,000

Thus, Marty will have to pay $18,000 for his $15,000 car.

Learn more about installments here-

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