Concept explainers
In Exercises 1-10, use
Round answers to the nearest dollar.
Suppose that you are thinking about buying a new car have narrowed down your choices to two options:
The new-car option: The new-car costs $68,000 and can be financed with a four-year loan at 7. 14%.
The used-car option: A three-year old model of the same car costs $ 28,000and can be financed with a four-year loan at 7.92%.
What is difference in monthly payments between financing the new car and financing the used car?
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Thinking Mathematically (7th Edition)
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