Use this information to answer questions 3-6 below. What is your monthly payment if you choose 0% financing for 48 months? $ . Round to the nearest dollar. The rebate offer is $1700, and you can obtain a car loan at your local bank for the balance at 4.58% compounded monthly for 48 months. If you choose the rebate, what is your monthly payment? $ . Round to the nearest
You are purchasing a new car for $27,600. The dealership offers you three options:
- 0% financing: 0 down and 0% financing for 48 months.
- Rebate: 0 down. If you choose the rebate, you will need to secure a loan for the balance at your local bank.
- Down payment: Make a down payment of 5% or more and get financing at 1.5% compounded monthly for 48 months.
Use this information to answer questions 3-6 below.
What is your monthly payment if you choose 0% financing for 48 months?
$ . Round to the nearest dollar.
The rebate offer is $1700, and you can obtain a car loan at your local bank for the balance at 4.58% compounded monthly for 48 months. If you choose the rebate, what is your monthly payment?
$ . Round to the nearest dollar.
You want to make monthly payments of $483, but you don't want a car loan over your head for more than 48 months, so you decide to go with the down payment option. How much of a down payment do you need to make?
$ . Round to the nearest dollar.
Suppose you make a down payment of 17% of $27,600 and finance the rest at 1.5% compounded monthly for 48 months. How much interest do you pay over the life of the loan?
$ . Round to the nearest dollar.
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