Question
You have a choice of financing this car at 5% APR for 48 months or 6% APR for 60 months. Amount Borrowed -20000 interest APR
You have a choice of financing this car at 5% APR for 48 months or 6% APR for 60 months.
| Amount Borrowed | -20000 |
| interest APR | 6% |
| Payments | 60 |
| Amount Borrowed | -20000 |
| interest APR | 5% |
| Payments | 48 |
How much additional finance charge will you pay if you extend your loan from 48 to 60 months?
Round up your answer to next whole $ amount.
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Finance For Housing An Introduction
Authors: Cathy Davis
1st Edition
1447306481, 978-1447306481
