Question

Asked Oct 15, 2019

242 views

Step 1

**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**

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**Option (1)**

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**

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**Option (2)**

** **

**1.98% **compounded monthly for four years for principal **P = 19289**

**Time (t) = 4years = 48 months **

** **

**Rate (r) = 1.98%**

Step 2

**For option (3) 2.97% **compounded monthly for five year:

Step 3

**Part B**

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** **

(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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