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Syndy brought her car to the dealership to get an oil change. The salesmen approached her with an offer for this year's model with the
Syndy brought her car to the dealership to get an oil change. The salesmen approached her with an offer for this year's model with the price tag of MSRP $35,223.91. The loan options are 1.9% APR on 60 months loan, and 2.9% APR on 72 months loan with a $10,000 down payment. Syndy needs to figure out monthly payments and total cost of a new car with offered loans options ? By using an amortization loan formula what would be her monthly payments and the total cost on 1.9% APR on 60 months loan, and 2.9% APR on 72 months loan?
R= Pi/1- (1+i)-n.
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