In early May 2021, you could buy a new 2021 Toyota RAV4 LE SUV with list price of $27,425 with a $2000 down payment and financing through Toyota Financial Services. You could get a $500 college grad or military rebate and, in certain Midwest states, $1250 “finance cash” to use toward your down payment. a. With excellent credit, the lowest interest rate was 0.9% over 60 months. What would the monthly payment be? Assume that you qualify for the rebate and the finance cash, they are applied to the down payment, and the entire down payment reduces the amount financed. b. With extremely poor credit, the lowest interest rate was 16.84% over 60 months. What would the monthly payment be?
In early May 2021, you could buy a new 2021 Toyota RAV4 LE SUV with list price of $27,425 with a $2000 down payment and financing through Toyota Financial Services. You could get a $500 college grad or military rebate and, in certain Midwest states, $1250 “finance cash” to use toward your down payment.
a. With excellent credit, the lowest interest rate was 0.9% over 60 months. What would the monthly payment be? Assume that you qualify for the rebate and the finance cash, they are applied to the down payment, and the entire down payment reduces the amount financed.
b. With extremely poor credit, the lowest interest rate was 16.84% over 60 months. What would the monthly payment be?
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