Camila Torres wants to buy a new high-end audio system for her car. The system is being
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Camila Torres wants to buy a new high-end audio system for her car. The system is being sold by two dealers in town, both of whom sell the equipment for the same price of $2,000. Camila can buy the equipment from Dealer A, with no money down, by making payments of $119.20 a month for 18 months; she can buy the same equipment from Dealer B by making 36 monthly payments of $69.34 (again, with no money down). Camila is considering purchasing the system from Dealer B because of the lower payment. Find the APR for each alternative. What do you recommend?
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Personal Financial Planning
ISBN: 9780357438480
15th Edition
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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