Hans is taking out an amortized loan for 26 000 to buy a new car...
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Hans is taking out an amortized loan for 26 000 to buy a new car and is deciding between the offers from two lenders He wants to know which one would be the better deal over the life of the car loan and by how much Answer each part Do not round intermediate computations and round your answers to the nearest cent If necessary refer to the list of financial formulas a A savings and loan association has offered him a 6 year car loan at an annual interest rate of 8 9 Find the monthly payment b An online lending company has offered him a 5 year car loan at an annual interest rate of 8 7 Find the monthly payment c Suppose Hans pays the monthly payment each month for the full term Which lender s car loan would have the lowest total amount to pay off and by how much O Savings and loan association The total amount paid would be s O Online lending company The total amount paid would be less than to the online lending company Time Remaining 1 30 38 0 less than to the savings and loan association 4 X
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