project, finance math 107

suppose to purchase a car Toyota Rav 4 2021 the price is 26050$

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