Carlee takes out an installment loan to finance the purchase of a pickup truck costing $$ \$ 34,500 $$. Her loan requires a $$ 33.33 \% $$ down payment and monthly payments of $$ \$ 575 $$ for 28 months. Calculate the total deferred payment price. Select one: a. $$ \$ 24,560.33 $$ b. $$ \$ 25,660.67 $$ c. $$ \$ 26,060.33 $$ d. $$ \$ 27,598.85 $$

Question

UpStudy AI · Accepted Answer

To calculate the total deferred payment price for Carlee's loan, we need to follow these steps:

1. **Calculate the down payment.**
2. **Determine the total amount paid through monthly payments.**
3. **Calculate the total deferred payment price.**

### Step 1: Calculate the Down Payment

The down payment is $$ 33.33\% $$ of the total cost of the truck.

$$
\text{Down Payment} = \text{Cost of Truck} \times \text{Down Payment Percentage}
$$

$$
\text{Down Payment} = 34,500 \times 0.3333
$$

### Step 2: Determine the Total Amount Paid Through Monthly Payments

Carlee will make monthly payments of $$ \$ 575 $$ for $$ 28 $$ months.

$$
\text{Total Monthly Payments} = \text{Monthly Payment} \times \text{Number of Months}
$$

$$
\text{Total Monthly Payments} = 575 \times 28
$$

### Step 3: Calculate the Total Deferred Payment Price

The total deferred payment price is the sum of the total monthly payments and the down payment.

$$
\text{Total Deferred Payment Price} = \text{Total Monthly Payments} + \text{Down Payment}
$$

Now, let's perform the calculations step by step.

1. Calculate the down payment.
2. Calculate the total monthly payments.
3. Calculate the total deferred payment price.

Let's compute these values.
Calculate the value by following steps:
- step0: Calculate:
  $$34500\times 0.3333$$
- step1: Multiply the numbers:
  $$11498.85$$
Calculate or simplify the expression $$ 575 * 28 $$.
Calculate the value by following steps:
- step0: Calculate:
  $$575\times 28$$
- step1: Multiply the numbers:
  $$16100$$
Calculate or simplify the expression $$ 16100 + 11498.85 $$.
Calculate the value by following steps:
- step0: Calculate:
  $$16100+11498.85$$
- step1: Add the numbers:
  $$27598.85$$
Now that we have the necessary calculations, let's summarize the results:

1. **Down Payment:**
   $$
\text{Down Payment} = 34,500 \times 0.3333 = 11,498.85
$$

2. **Total Monthly Payments:**
   $$
\text{Total Monthly Payments} = 575 \times 28 = 16,100
$$

3. **Total Deferred Payment Price:**
   $$
\text{Total Deferred Payment Price} = 16,100 + 11,498.85 = 27,598.85
$$

Thus, the total deferred payment price is $$ \$ 27,598.85 $$.

The correct answer is:
**d. $$ \$ 27,598.85 $$**.
The total deferred payment price is \$27,598.85.

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