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really need help on loans, thank you so much ! Clearly and neatly show all work for each problem. Round all final answers to the
really need help on loans, thank you so much !
Clearly and neatly show all work for each problem. Round all final answers to the nearest dollar. Do not round intermediate work. Fitzwilliam is buying a new car. The sticker price for the base model is $10,000, but the options he wants will cost him an extra 15%. He then talks the dealer into giving him 10% off. Fitzwilliam has also decided to put down a 25% down payment on the car. - Find Fitzwilliam's down payment on the car. - Find the balance that Fitzwilliam needs to finance. Fitzwilliam has three options for financing for the balance on the car: the dealership, the bank, or his parents. - Through the dealership he can get a 60 month, 5% APR monthly installment loan. The bank will offer Fitzwilliam a 5.5\% APR monthly installment loan for 48 months. His parents would loan him the money and he would need to pay it all back after 15 months with 20% (simple) interest. - Find Fitzwilliam's monthly payment on the dealership loan. - Find Fitzwilliam's monthly payment on the bank loan. - Find the amount Fitzwilliam would owe his parents after 15 months. - Find the amount of interest that Fitzwilliam would need to pay on each loan. - Which option would you suggest for Fitzwilliam? Justify your choice Step by Step Solution
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