Question
Barb is buying a new car for $14,000. Her old car has a trade-in Value of $2500. The dealer informs her that the financing charge
Barb is buying a new car for $14,000. Her old car has a trade-in Value of $2500. The dealer informs her that the financing charge is 3% add-on interest. She wishes to take 2.5 years to pay off the car. Answer the following:
How much is her down payment? [trade-in value of old car]
How much does she need to finance?
How much interest will she pay?
What will her monthly payment be?
What will be the total amount to be repaid?
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Lets break down each question 1 Down payment Barbs down payment is the tradein value of her old car ...
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
