Ron Purchased Two New Jeep Cherokees for $22,500 Per Jeep

question 106

Short Answer

Ron purchased two new Jeep Cherokees for $22,500 per Jeep. He paid $3,200 down on each car. What total amount should Ron borrow to pay for the cars?

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Definitions:

Payee

The individual or entity to whom money is payable or is meant to be paid, typically named in financial documents like checks or promissory notes.

Certification

Of a cheque, an understanding by a bank to pay the amount of a cheque on presentation.

Endorsement

The act of signing one's name on the back of a check or other negotiable instrument or the addition of a provision to an insurance policy, altering its coverage.

Negotiable Instrument

A document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payer and payee usually named.