Question

Michael is shopping for a special automobile. He finds the exact car he wants, a 1966 dark blue Pontiac GTO. This car is currently the property of a neighbor, so in order to buy the car for the agreed-upon price of $35,000; Michael must secure his own financing. Michael visits four different financial institutions and gets the following available loans:
Bank 1: 60 monthly payments of $726.54
Bank 2: 48 monthly payments of $870.97
Bank 3: 156 weekly payments of $256.20
Bank 4: 24 quarterly payments of $1,115.81

Which loan should Michael take?



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  • CreatedMay 08, 2014
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