You need to borrow money to buy a car and you determine that you can afford monthly
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Question:
You need to borrow money to buy a car and you determine that you can afford monthly payments of $325. The bank offers the following three choices:
Option 1- 5 year loan at 5.5% APR
Option 2- 6 year loan at 6.5% APR
Option 3- 7 year loan at 7% APR
What is the maximum you can afford to borrow for each loan?
If you decide to buy a car costing $21000 which loan should you choose?
A payday loan company offers a $1600 instalment loan at 115% compounded monthly paid back over 60 monthly payments.
Find the monthly payment for the loan?
Compute the total of all payments?
How much of the total payments is interest?
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