Quincy just bought a car using a 5 year loan with no interest. He put $5,000.00 down as a down payment making his monthly payment $250.00. What is the price of the car? Let's be accurate as possible.
1 year has 12 months and his loan is for 5 years so that's 12 * 5 = 60 months. His car payment is $250.00 a month for 60 months so 250 * 60 = $15,000. He also put a down payment of $5,000 on the car so the total price of the car is $5,000 + $15,000 = $20,000 car price.
The answer: 20000.