Nate would like to buy a camper for his truck for $5250. He has two options to finance it. Option 1: dealership offers an annual rate of 15.5% compounded monthly with 350$ worth of free upgrades. 

Option 2: his credit card has a zero balance and has an annual rate of 13.3% computed daily. He plans to pay off the debt in one year. Which option requires lower payments?

Answer rating: 100% (QA)

To determine which option requires lower payments we need to calculate the total cost of financing f... View the full answer