Thursday, May 2, 2024

Scott Bilker
Household Math™: Used Car Loan
by Scott Bilker
 
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.

Test your knowledge by trying to solve these DebtSmart, Household Math™ problems! After you complete the problem you’ll get the solution and explanation.
 
1. You’re ready to go out and buy another used car. After finding the right car, which cost slightly more than you originally planned, including all the fees, the total amount financed is $16,000. You know that the monthly payment for a $8,000 3-year loan at 8% APR is $250.70. What is the monthly payment for $16,000, if the rate and term of the loan are the same?
$501.40
$552.75
$605.10
$655.45
I don't know!



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