Scenario: You are in need of a car. After much Scenario: You are in need of a car. After much research you have decided to purchase a new $2024$

Chevrolet Bolt. The list price for the car at the local dealership is $$27,495$ including tax, title, and license.

When you visit the dealership the finance manager provides you with three purchasing options.

Option A: $5\mathrm{.}29\%$ APR, compounded monthly, for $72$ months with $$0$ down at the time of purchase

Option B: $0\%$ APR, compounded monthly, for $48$ months with $$2000$ down at the time of purchase

Option C: $4\mathrm{.}67\%$ APR, compounded monthly, for $60$ months with $$4000$ down at the time of

purchase

Directions: Write out all of your work and answers to the financial scenario above on the provided pages

below.

For each purchasing option, compute $($with work shown$)$

the required monthly payment,

for the first loan payment, how much money will go towards interest and how much money will go

towards the outstanding balance, and

the total amount you will have paid for your car?

Option A: $5\mathrm{.}29\%$ APR, compounded monthly, for $72$ months with $$0$ down at the time of purchase

$N=$

$I\%=$

$PV=$

$PMT=$

$FV=$

$\frac{P}{Y}=$

$\frac{C}{Y}=$

PMT: END$/$BEGIN

Monthly Loan Payment:

For First Loan Payment:

Amount to InTEREST:

Amount to Outstanding Balance$/$Debt:

Total Paid for Car:research you have decided to purchase a new $2024$

Chevrolet Bolt. The list price for the car at the local dealership is $$27,495$ including tax, title, and license.

When you visit the dealership the finance manager provides you with three purchasing options.

Option A: $5\mathrm{.}29\%$ APR, compounded monthly, for $72$ months with $$0$ down at the time of purchase

Option B: $0\%$ APR, compounded monthly, for $48$ months with $$2000$ down at the time of purchase

Option C: $4\mathrm{.}67\%$ APR, compounded monthly, for $60$ months with $$4000$ down at the time of

purchase

Directions: Write out all of your work and answers to the financial scenario above on the provided pages

below.

$1.$ For each purchasing option, compute $($with work shown$)$

$$ the required monthly payment,

$$ for the first loan payment, how much money will go towards interest and how much money will go

towards the outstanding balance, and

$$ the total amount you will have paid for your car?