Harrison has two options for buying a car. Option A is 1.3% APR financing over 60 months and Option B is 5.4% APR over 60 months with $1600 cash back, which he would use as part of the down payment. The price of the car is $35,077 and Harrison has saved $3500 for the down payment. Find the total amount Harrison will spend on the car for each option if he plans to make monthly payments.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Harrison has two options for buying a car. Option A is 1.3% APR financing over 60 months and Option B is 5.4% APR over 60 months with $1600 cash back, which he would use as part of the down payment. The price of the car is $35,077 and Harrison has saved $3500 for the down payment. Find the total amount Harrison will spend on the car for each option if he plans to make monthly payments.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
