Question

Molly has a $2500 down payment saved for this purchase, and the dealer’s $1500 Cash Allowance will come straight off her total. How much loan does Molly need?

Molly selected the Latitude trim for her Patriot SUV and the total purchase price used for this example = $25,495.

Since Molly has $2,500 for a down payment, but $1,500 are needed to pay for expenses related to the car dealer, she will need to borrow = purchase price + dealer's cash allowance - Molly's down payment = $25,495 + $1,500 - $2,500 = $24,495

How much will Molly’s monthly payment be?

Answer 1

If she has a $2500 down payment saved and the dealer’s is  $1500. Loan needed is $21,495 and monthly payment is $597.08.

Molly’s loan needed and monthly payment

Molly loan:

Molly Loan needed =$25,495-$2,500-$1,500

Molly loan needed=$21,495

Molly’s monthly payment:

Molly’s monthly payment =$21,495/36 months

Molly’s monthly payment=$597.08

Therefore Loan needed is $21,495 and monthly payment is $597.08.

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