Deniel Lamberg wants to buy a new car that costs $15,829.32. He has two possible...
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Deniel Lamberg wants to buy a new car that costs $15,829.32. He has two possible loans in mind. One loan is through the car dealer; it is a four-year add-on interest loan at 7 3 4 % and requires a down payment of $1,000. The second is through his bank; it is a four-year simple interest amortized loan at 7 3 4 % and requires a down payment of $1,000. (Round your answers to the nearest cent.) [Hint: Section 5.4]
Find the monthly payment for
(a) the car dealer loan
(b) the bank loan.
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