You want to buy a Car for $20,535 dollars. The bank gives you the option of 3% interest over 4 years or 6 years. What is the difference in the payments (to the nearest dollar)?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
icon
Related questions
icon
Concept explainers
Topic Video
Question
100%

You want to buy a Car for $20,535 dollars. The bank gives you the option of 3% interest over 4 years or 6 years. What is the difference in the payments (to the nearest dollar)?

Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, algebra and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College