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17)You are in the market for a new car that costs $10,000, and are deciding between two options. The dealer offers you two options, both
17)You are in the market for a new car that costs $10,000, and are deciding between two options. The dealer offers you two options, both options have no down payment. The first option is to finance the car at a quoted interest rate (APR) of 5.2% for 48 months. The second option is to finance the car at a quoted annual interest rate of 4.8% for 60 months. In both cases, your payments will be due at the end of each month. If this loan is fully amortized, exactly how much interest are you paying over the course of each loan option
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