Concept explainers
In Exercises 1-10, use
Round answers to the nearest dollar.
Suppose that you are buying a car for $60,000, including taxes and license fees. You saved $ 10,000 for a down payment. The dealer is offering too two incentives:
Incentive A is $5000 off the price of the car, followed by a five-year loan at 7.34%.
Incentive B does not have a cash rebate, but provides free financing (no interest) over five years.
What is the difference in monthly payments between the two offers? Which incentive is the better deal?
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