Math Literacy Annuities and Amortization Quiz page 2 3. Suppose you want to buy a...
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Math Literacy Annuities and Amortization Quiz page 2 3. Suppose you want to buy a Chrysler Pacifica Hybrid for $40,000. The dealer offers you two choices: 0% financing for 72 months, or $5000 cash back. a. If you take their financing for 72 months, what is your monthly payment? b. Instead, you take the cash back option, and borrow $35,000 from your credit union at 2.89% interest for 72 months, what is your monthly payment? c Which option is cheaper? 4. Suppose you borrow $30,000 in student loans at 6.93%, which you'll pay off in 10 years of monthly payments. Fill in the first 3 rows of an amortization table: (Don't forget to show your work in calculating the monthly payment. Month Monthly Payment Interest Paid Principal Paid Balance Remaining (after payment) 1 2 3
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