Question
please. how do I input this on calculator. for both questions 1. Jesse needs a new car and has his heart set on a nice
1. Jesse needs a new car and has his heart set on a nice red one that he saw the other day. The problem is that he doesn't have the $22,000 necessary to buy it outright. The dealership offers financing (a loan) at 1.5% compounded monthly if he makes monthly payments for four years. If Jesse takes the financing offer, what will his monthly payments be?
2. Alternatively, the dealership offers lease payments of $150 per month for four years with an option to buy the car at the end of the S lease for $14.000. If lesse opts for the lease, then he will also need to make monthly payments into a savings plan (where interest is 4% compounded monthly) so that he will have 514,000 at the end of the lease to buy the car. How much must Jesse save per month to have 514,000 available to buy the car in four years?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started