Question
Shirley Stewart is planning to buy a Toyota hybrid for $18,819 with $1,200 down and plans to finance the car. Citizens Financial Bank quoted a
Shirley Stewart is planning to buy a Toyota hybrid for $18,819 with $1,200 down and plans to finance the car. Citizens Financial Bank quoted a finance charge at 8.5% for 48 months; Charter One Bank quoted her a finance charge at 8% for 60 months.
a. What would be her monthly payment to Citizens Financial Bank? (Do not round intermediate calculations
b. What would be her monthly payment to Charter One Bank? (Do not round intermediate calculations
c. How much more would her monthly payment be on the 48-month loan? (Do not round intermediate calculations
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Financial Management For Farmers And Rural Managers
Authors: Martyn Warren
4th Edition
0632048719, 9780632048717
