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I just need the correct answer Question 1 1 pts You are trying to decide whether to keep your current car or buy a new
I just need the correct answer
Question 1 1 pts You are trying to decide whether to keep your current car or buy a new car. If you keep your current car you will pay $550 per month (starting next month) on average for maintenance, gas, property tax and insurance. You will make these payments for 5 years. Alternatively, you can buy a new car and pay $30,000 today and $350 per month (starting next month) on average for maintenance, gas, property tax and insurance. You will make these payments for for 5 years. If your investments earn 6% APR (compounded monthly), which alternative is cheaper in present value terms and by how much? o keep existing car saves $20,638 get new car, saves $20,692 keep existing car saves $19,655 O keep existing car saves $19,082 Question 2 1 pts You plan to "go green" and install solar panels on your home in 24 months. The solar company has a payment plan whereby you will pay for the panels in 60 monthly payments (installments) starting in month 24 Each monthly installment will be for $450 per month. How much would you have to invest each month (the same amount in each month), starting in one month, for 23 months , to exactly pay for the solar panels ,if your investments earn 3.00% APR (compounded monthly)? O $1,093 O $1,138 O $1,059 O $992Step by Step Solution
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