Part (a): What would Scott’s monthly loan payment be for each option?
First find the amount financed by subtracting the down payment and trade in value from the list price.
26780 - 4000 - 3500 = 19289
There is no interest charge for this option,
Total number of month in three years is 36 months.
So, monthly payment loan payment for option 1 is: 19289/36 = $535.81
1.98% compounded monthly for four years for principal P = 19289
Time (t) = 4years = 48 months
Rate (r) = 1.98%
For option (3) 2.97% compounded monthly for five year:
(b) Total amount of interest would Scott pay for each option
Option (1): 0% as given in the question.
Option (2): 48(418.31) – 19289 = $789.88
Option (3): &...
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