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Part I: Buying a Car Rene wants to buy a BMW 5 3 5 i Sedan that she found online. The dealet has offered her
Part I: Buying a Car
Rene wants to buy a BMW i Sedan that she found online. The dealet has offered her the following two options for financing:
Rebate Option: No down payment, a $ rebate, and APR.
Low APR Option: $ down and APR.
Rene is going to finance the car for years. Calculate the following for each option:
Monthly payment
Total amount of interest paid over the loan term
Based on the above information, which option should Rene choose? Why?
Part II:
Buying a House
Rene and her husband would like to purchase a home in the Trinity area. She found this one online Bridlewood Dr Trinity for $ and after talking to a Loan Officer at BB&T she has learned some information about current mortgage rates. The Loan Officer further indicated that she would need to pay a down payment and point at closing. Rene wants to finance the home for years with a fixed interest mortgage Year Fixed,
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