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Your friend just purchased a new sports car for $32000. He received $6000 for his trade in and he used that money as a down payment for the new sports car. He financed the vehicle at 6.76 APR over 48 months. Determine the amount financed from the given information.

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TeslaElectric
Hi there,
We are given that the car buyer paid $26,000 for his sports car. To find the finance charge, you must subtract this from the total of his 48 payments. 48 · 619.15 - 26000 = $3719.20. Notice that you never needed the 6.76% APR because that was used to find the monthly payment. The answer to your problem is $3719.20.