To buy a minivan you can pay $12,500 cash or put down $5000 and make 24 monthly payments of $698.05.

Discussion in 'Calculator Requests' started by math_celebrity, Apr 7, 2019.

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  1. math_celebrity

    math_celebrity Administrator Staff Member

    To buy a minivan you can pay $12,500 cash or put down $5000 and make 24 monthly payments of $698.05. How much would you save by paying cash?

    Calculate the total amount with payments:
    Total Amount with payments = Payment Amount * Total Payments
    Total Amount with payments = $698.05 * 24
    Total Amount with payments = $16,753.20

    Calculate the total amount saved by paying cash:
    Savings by paying cash = Total Amount with payments - Cash Payment
    Savings by paying cash = $16,753.20 - $12,500
    Savings by paying cash = $4,253.20
     
    math_celebrity, Apr 7, 2019
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