00:03
In this problem, we have bought a car for $16 ,540, and we went ahead and put $2 ,500 down on it, $2 ,500 down.
00:17
And we're going to pay it for the next 36 months.
00:21
We're going to pay it.
00:22
And the question they ask us is, how much do we have to pay each month? so what's my monthly bill, basically, my monthly payment that i need? so the first thing we need to just think about is okay if you bought the car for this much but you got rid of that much money right when you got the car that means we have to subtract so we're going to subtract 2 ,500 from the 16 540 and that's going to be our 1404 so almost $14 ,000 now at this point i'd like you to estimate because estimations will really help us so we think about this this is three months three months is equal to three years so let's just kind of break this down our head in our estimation so if i divide this point by three, that's roughly going to be about $5 ,000 a year and $5 ,000, so about $5 ,000 a year.
01:09
Okay.
01:10
But we have divide that into $12, right? so 12 goes into $50, about $4.
01:14
So it's going to be roughly about $400, right? because if you divide this by $12, that's going to be about $4 ,000, right? 12 goes into $5 .50 about four times.
01:25
So it's going to be about $400 a month.
01:27
You're going to need to pay.
01:28
So that's what we think.
01:30
Now, if we get some answer that's really far away from that, then we probably.
01:32
Probably did something wrong.
01:34
So let's go ahead and take this 14 -0 -40 and we're going to break it up into 36.
01:39
We can go ahead and just go ahead and divide it by the 36 months.
01:42
We just did the three years because it was easier to do in our head.
01:46
So 36 goes into 140.
01:48
Of course you think about that.
01:49
That's close to 40.
01:50
Four goes into 14, about three times.
01:52
So we're going to put our three here.
01:55
36 times three.
01:56
I don't know if you need me to do that.
01:57
I'll be happy to do that.
01:58
Three times six is 18.
02:00
That's nine.
02:01
That's ten.
02:02
That's going to be one...