Joe wants to buy a car. He sees a car with an asking price of $24,000, and he expects to have the car for 7 years.  He can also buy a Corvette for a monthly payment of $1500 for 150 months, and the car is guaranteed to run the entire time.  With a monthly interest rate of 0.4%, which vehicle is the better deal, and why?

Answer rating: 100% (QA)

Option 1 Buying the Car for 24000 Initial cost 24000 asking price No additional monthly payments ... View the full answer