Barry Wood wants to buy a used car that costs $5,000. He has two possible loans in
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Barry Wood wants to buy a used car that costs $5,000. He has two possible loans in mind. One loan is through the car dealer; it is a three-year add-on interest loan at 6% and requires a down payment of $300. The second is through his credit union; it is a three-year simple interest amortized loan at 8.5% and requires a 10% down payment.
(a) Find the monthly payment for each loan.
(b) Find the total interest paid for each loan.
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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