Mike wants to buy a new Do

dge Charger. He is able to negotiate a price of $21,500 for the

color and options he wanted. He can secure a 48 month car loan at 6.8% if he can make a down payment of 20% of the price.

If I can get what they're saying ...

They want 20% already for the car loan (which is 21,500 assuming)

21,500 x. 2 = 4,300

then they want him to pay the rest of the money over a span of 48 months plus interest

Money: (21,500-4300) / 48 = $358.33 per month

plus Interest: 358.33 x. 068 = $24.37

In total: 358.33 + 24.37 = $382.70 per month (which is the answer)