| Purchase Price | $33,500.00 | | | Finance Rate Table | | |
| less | | | | Term | No Rebate | Rebate |
| Â Â Â Â Down Payment | $3,500.00 | | | 1 | 12.50% | 19.70% |
| Â Â Â Â Trade-in Value | $4,500.00 | | | 2 | 14.90% | 20.90% |
| Â Â Â Â Rebate | $1,000.00 | | | 3 | 17.30% | 22.10% |
| | | | 4 | 18.50% | 23.30% |
| Loan Amount | $24,500.00 | | | 5 | 19.70% | 24.50% |
| | | | | | |
| --------------------Term ofLoan----------------------- | | | |
| 1 | 2 | 3 | 4 | 5 | |
| Finance Rate | 19.70% | 20.90% | 22.10% | 23.30% | 24.50% | |
| Monthly Payment | $2,266.03 | $1,257.75 | $936.93 | $789.29 | $711.94 | |
| Total Payment | $27,192.35 | $30,185.89 | $33,729.63 | $37,886.09 | $42,716.61 | |
| Finance Charge | $2,692.35 | $5,685.89 | $9,229.63 | $13,386.09 | $18,216.61 | |
Please answer the following below using your Automobile LoanCalculator workbook along with the following information:
- Purchase Price is $33,500
- Down Payment is $3,500
- Trade-in Value is $4,500
- Customers get $1,000 if they elect to take the Rebate
- Use the Finance Rate Table provided below:
| Term | No Rebate | Rebate |
| 1 | 12.5% | 19.7% |
| 2 | 14.9% | 20.9% |
| 3 | 17.3% | 22.1% |
| 4 | 18.5% | 23.3% |
| 5 | 19.7% | 24.5% |
A) If a customer elects to take the Rebate, what is the LoanAmount?
B) If a customer does not elect to take the rebate, what wouldthe monthly payment be for a 3-year loan?
C) If a customer elects to take the $1,000 Rebate, what would bethe Total Payments for a 5-year loan?
D) What is the difference in Monthly Payment amounts forcustomers who do and do not elect to take the Rebate for a 1-yearloan?
E) What is the difference in Finance Charges for customers whodo and do not elect to take the Rebate for a 1-year loan?
