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  3. 1. sam has a $18,000 car loan to be repaid over 6

1. Sam has a $18,000 car loan to be repaid over 6 years at 7.5%...

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Finance

1. Sam has a $18,000 car loan to be repaid over 6 years at 7.5% p.a.

a) calculate the monthly repayments as well as the total amount paid back.

b) Another bank is offering an interest rate of 7.25% p.a. paid back quarterly. What is the better deal? justify this decision.

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