Question

Asked Oct 26, 2019

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Step 1

13.

a)

The monthly payment for incentive A is ** $698** and it is obtained below:

From the given information, the total cost of the car is $50,000 including taxes and license fees and the down payment is $10,000.

The cost of the car=total cost of the car-down payment=50,000-10,000=40,000.

For Incentive A,

The dealer offering $5000. Hence, the cost of the car is 40,000-5000=35,000. That is, P=$35,000.

The rate is 7.33%. That is, *r*=0.0733.

The given time is 5 years. That is, t=5 years. And payment is done by monthly. That is, *n*=12.

Step 2

b)

The monthly payment for incentive B is **$583** and it is obtained below:

For Incentive B,

There is no cast debate. Hence, P=$35,000.

payment is done by monthly. That is, *n*=12.

The give...

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