ou would like to purchase a $40,000 SUV through financing. You are discussing with the...
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Finance
ou would like to purchase a $40,000 SUV through financing. You are discussing with the car
dealer the different financing options. The dealer suggested you finance the car over 5 years. The
interest rate the dealer will charge you is 3% APR compounded monthly. You are unsure whether
to finance the car over a 5-year or a 7-year period.
If you decide to go with the 5-year financing, bi-weekly payments option, what will be
your bi-weekly payments?
If you decide to go with the 7-year financing, bi-weekly payments option, what will be
your bi-weekly payments?
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