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2. Making a down payment on the car will reduce your monthly payments. You decide to make a down payment of $2,500 on the
2. Making a down payment on the car will reduce your monthly payments. You decide to make a down payment of $2,500 on the $25,000 car. Complete the table below. Remember to include the $2,500 down payment in the total price of the car in the last column. Total price of car: $25,000 Down payment: $ 2,500 APR Length of Contract Monthly Payment Total Cost of Payments Total Finance Charge wo 5.99% 24 Months $ 997.11 00 5.99% 36 Months $684.39 $ 23,930.70 $24,638.10 $ 1,430.70 $2.138.10 5.99% 48 Months 528.31 5.99% 5.99% 60 Months 434.88 72 Months 372.78 C. $25.358.88 Total Price of Car Including Down Payment $ 26,430.70 27,138.10 $2,858.88 $27,858.88 28,593.01 $26,093.01 $3,593.01 $26,890.43 $4,340.43 $29,340.43 Answer the following questions using your completed chart: a. If you finance the car for 36 months, how much would you save by making the $2,500 down payment? Saved 361.90 b. If you finance the car for 48 months, how much would you save by making the $2,500 down payment? If you finance the car for 60 months, how much would you save by making the $2,500 dow payment? d. If you finance the car for 72 months, how much would you save by making the $2,500 do payment?
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