Dig Wec $ The 5 Pare D (250 sec S Hor m Pos Hc Hig C Sol line.edu/courses/1966903/assignments/20507214 google.com Custom Printables-... Worksheets for kids... C Free Weekly Sched.. 2 Home G Google 1)Assume you will purchase a new car. The dealer is currently offering a special promotion: you can choose A) a $1500 rebate up front with 6% financing OR B) 0% financing for the first 36 months and 6% financing for the last 2 years. Both loans are 5 years. Find the car you want to purchase and its cost and where you can purchase it from.(Do this from online or at a dealership) For promotion A Compute the cost of the car after the rebate Compute your monthly payment at the 6% interest. Compute the final amount you paid (including interest) Subtract the price of the car from the amount you paid to get the amount of the interest you paid. For promotion B . Since 3 years is 3/5 of the loan, take 3/5 the price and compute the monthly payment (this amount divided by 36 since there is no interest). Take the remaining 2/5 of the loan and compute the monthly payment at the 6% interest for the remaining 2 years. Multiply the monthly payment by 24 to get the total amount spent Add the 36 monthly payments from years 1-3 to the 24 monthly payments from years 4-5 Compute the final amount you paid (including interest) Subtract the price of the car from the total amount you paid to get the amount of the interest you paid. Dig Wec $ The 5 Pare D (250 sec S Hor m Pos Hc Hig C Sol line.edu/courses/1966903/assignments/20507214 google.com Custom Printables-... Worksheets for kids... C Free Weekly Sched.. 2 Home G Google 1)Assume you will purchase a new car. The dealer is currently offering a special promotion: you can choose A) a $1500 rebate up front with 6% financing OR B) 0% financing for the first 36 months and 6% financing for the last 2 years. Both loans are 5 years. Find the car you want to purchase and its cost and where you can purchase it from.(Do this from online or at a dealership) For promotion A Compute the cost of the car after the rebate Compute your monthly payment at the 6% interest. Compute the final amount you paid (including interest) Subtract the price of the car from the amount you paid to get the amount of the interest you paid. For promotion B . Since 3 years is 3/5 of the loan, take 3/5 the price and compute the monthly payment (this amount divided by 36 since there is no interest). Take the remaining 2/5 of the loan and compute the monthly payment at the 6% interest for the remaining 2 years. Multiply the monthly payment by 24 to get the total amount spent Add the 36 monthly payments from years 1-3 to the 24 monthly payments from years 4-5 Compute the final amount you paid (including interest) Subtract the price of the car from the total amount you paid to get the amount of the interest you paid
