6. Charles would like to buy a new car that costs $ 32000. The dealership offers to finance the car at 2.4% a compounded monthly for 5 years with monthly payments. The dealer will reduce the selling price by $ 3000 if Charles pays cash. Charles can get a loan from his bank at 5.4% a compounded monthly. Which is the best way to buy a car? (Use Formula and show your work)
6. Charles would like to buy a new car that costs $ 32000. The dealership offers to finance the car at 2.4% a compounded monthly for 5 years with monthly payments. The dealer will reduce the selling price by $ 3000 if Charles pays cash. Charles can get a loan from his bank at 5.4% a compounded monthly. Which is the best way to buy a car? (Use Formula and show your work)
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Transcribed Image Text:6. Charles would like to buy a new car that costs $ 32000. The dealership offers to
finance the car at 2.4% a compounded monthly for 5 years with monthly payments.
The dealer will reduce the selling price by $ 3000 if Charles pays cash. Charles can get
a loan from his bank at 5.4% a compounded monthly. Which is the best way to buy a
car? (Use Formula and show your work)
7. William bought a house for $205 000 and made a down payment of $30 000. The
annual interest rate for a five-year fixed rate mortgage is 5.5%. Determine the bi
weekly payment for a mortgage with a 25-year amortization period. Round up to the
nearest dollar. (Use the TVM Solver)
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