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Barry Wood wants to buy a used car that costs $6,000. He has two possible loans in mind. One loan is through the car dealer;
Barry Wood wants to buy a used car that costs $6,000. He has two possible loans in mind. One loan is through the car dealer; it is a three-year add-on interest loan at 5% and requires a down payment of $300. The second is through his credit union; it is a three-year simple interest amortized loan at 9.5% and requires a 10% down payment. (Round your answers to the nearest cent.) (a) Find the monthly payment for each loan. dealer $ 191.67 credit union $ 192.19 x (b) Find the total interest paid for each loan. dealer $ credit union $
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