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Exam 2 - Critical Thinking Question 2 Question: Your cousin is aware that you are taking a finance class and has come to you for advice. He wants to purchase a new (not leased) vehicle. The models he is currently exploring offer special financing options. The price range for his favorite models is between $19,000 and $23,000, each. He may choose $1,800 customer cash (reduction of price) and a 7% interest rate for up to 60 months, or he may choose a special 1.5% interest rate for up to 60 months. The maximum amount of funds he has available for a monthly payment is $500. He does not have savings for a down payment. He is secking your advice as to which financing option he should choose and the term of financing (3,4, or 5 years). Output Required: Please provide your cousin a memo answering his questions in "layman" terms. The memo should not exceed 500 words, but students may use effective graphics (i.e. tables, graphs) to support their answers. Appropriate calculations must be completed in Excel. Students will submit an Excel file and a Word document in Moodle. A hard copy of the Word document will be submitted in class with this prompt stapled to it. I will use the Excel file to check your inputs for the calculations, but all final numbers should be included in the Word memo

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