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There are 3 parts of the question stated in the description please answer all three parts. Sharon is considering the purchase of a car. After
There are 3 parts of the question stated in the description please answer all three parts.
Sharon is considering the purchase of a car. After making the down payment, she will finance $14,500. She is offered three maturities. On a four-year loan, Sharon will pay $367.76 per month. On a five-year loan, her monthly payments will be $308.08. On a six-year loan, they will be $268.62. Sharon rejects the four-year loan, as it is not within her budget. How much interest will Sharon pay over the life of the loan on the five-year loan? On the six-year loan? Which should she choose if she bases her decision solely on the total interest paid? The total interest paid over the life of the loan on the five-year loan will equal $. (Round to the nearest cent.)Step by Step Solution
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