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)

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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.

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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.