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Finance question, please help me to do this!! A car dealer offers either 0% financing for 3 years or a $3000 rebate on a $28000
Finance question, please help me to do this!!
A car dealer offers either 0% financing for 3 years or a $3000 rebate on a $28000 car. Assuming that you could find a loan for 6% for 36 months, which deal gives you a smaller payment? Show all your work. 1, 2. You need to borrow money and you are considering two loans. The terms of the two loans are equivalent with the exception of the interest rates, Loan A offers a stated rate of 7.45% compounded daily. Loan B offers a stated rate of 7.5% compounded semi-annually. Which one do you prefer? You MUST show the calculation to support your choice 3. A credit card charges an annual rate of 12% compounded monthly. This month's bill is $7000. The minimum payment is S125. Suppose you keep paying S125 each month. How long will it take to pay off the bill? 4. Your parents are planning to buy a second house at the price of $400,000 with 20% down payment. While their bank offers a mortgage loan rate of 4% per annum. What is their monthly mortgage payment if they decide to pay off the mortgage in 15 years? You need to borrow the rest 80% of the house price and financeStep by Step Solution
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