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s QUESTION 10 Car payments are determined using simple interest. If you don’t remember this formula,...

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Advance Math

s QUESTION 10 Car payments are determined using simple interest.If you don’t remember this formula, go back and look it up! Tofinance your vehicle purchase you have two choices. Write twoequations, one for each bank, that models the banks' loan optionsusing x for the price of the vehicle and y to represent the totalcost (price, interest and origination fees) paid on each loan. Besure to label which equation goes with which bank. Bank A: Financethe full price of the vehicle at 5% with an origination fee of $300paid over 5 years. Bank B: Finance the full price of the vehicle at3.5% paid over 6 years (no additional fees).

QUESTION 12 Use the equations you came up with for bankfinancing options to calculate the following: Total cost of yourvehicle using bank A Monthly payment of your vehicle using bank ATotal cost of your vehicle using bank B Monthly payment of yourvehicle using bank B Show all of your work using the equationeditor and label each solution. my car costs $31,690.00

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