Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,500. Her loan requires a 25% down payment and equal monthly payments of $281.00 for 60 months. Calculate the total deferred payment price (in $).
$

To calculate the total deferred payment price for Anny's loan, we will follow these steps:

1. **Find the down payment**: 
   The down payment is 25% of the total cost of the pickup truck, which is $ 25\% \times 14,500 $.

   \[
   \text{Down payment} = \frac{25}{100} \times 14,500 = 3,625
   \]

2. **Find the amount financed (loan amount)**:
   The amount financed is the total cost of the truck minus the down payment.

   \[
   \text{Amount financed} = 14,500 - 3,625 = 10,875
   \]

3. **Calculate the total of all monthly payments**:
   Anny makes monthly payments of $281 for 60 months. The total amount paid through installments is:

   \[
   \text{Total monthly payments} = 281 \times 60 = 16,860
   \]

4. **Find the total deferred payment price**:
   The total deferred payment price is the sum of the down payment and the total of all monthly payments.

   \[
   \text{Total deferred payment price} = 3,625 + 16,860 = 20,485
   \]

So, the total deferred payment price is **$20,485**.

Would you like more details on any step, or have any questions?

Here are some related questions to explore:
1. How is the total interest paid on the loan calculated?
2. What is the effective annual interest rate on the loan?
3. How much would the total payments be if the loan term was shorter?
4. How would changing the down payment percentage affect the total deferred payment price?
5. What are the pros and cons of installment loans versus other types of loans?

**Tip:** It's important to calculate both the financed amount and the total payments when considering any loan to understand the true cost.

Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,500. Her loan requires a 25% down payment and equal monthly payments of $281.00 for 60 months. Calculate the total deferred payment price (in $).

Learn how to calculate the total deferred payment price for a $14,500 truck loan with a 25% down payment and monthly payments of $281 over 60 months. This step-by-step guide explains how to determine the down payment, loan amount, and total payment with simple math concepts. Perfect for students in Grades 9-12.

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