Barb is buying a new car for $14,000. Her old car has a trade-in Value of $2500.

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Barb is buying a new car for $14,000. Her old car has a trade-in Value of $2500. The dealer informs her that the financing charge is 3% add-on interest. She wishes to take 2.5 years to pay off the car. Answer the following:

How much is her down payment? [trade-in value of old car]

How much does she need to finance?

How much interest will she pay?

What will her monthly payment be?

What will be the total amount to be repaid?

Related Book For answer-question

Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

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Posted Date: Feb 24, 2024 02:56 AM

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Barb is buying a new car for $14,000. Her old car has a trade-in Value of $2500.

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Personal Finance

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