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Questions and Answers
What is the monthly payment for the 60-month loan on a $44k car at 4.5% APR?
What is the monthly payment for the 60-month loan on a $44k car at 4.5% APR?
- $850
- $870
- $830 (correct)
- $810
How much will you have saved over the year by saving one month’s payment each month?
How much will you have saved over the year by saving one month’s payment each month?
- $5,400 (correct)
- $4,800
- $5,000
- $5,200
What is the new principal amount for the second purchase plan where you save for a year?
What is the new principal amount for the second purchase plan where you save for a year?
- $36,000
- $42,000
- $38,000
- $40,000 (correct)
What will be the monthly payment for a 60-month loan on the lower principal amount with 4.5% interest?
What will be the monthly payment for a 60-month loan on the lower principal amount with 4.5% interest?
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What will the total cost of the car and loan be in the third purchase plan where you save up the full amount?
What will the total cost of the car and loan be in the third purchase plan where you save up the full amount?
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Which plan has the advantage of not incurring any interest costs?
Which plan has the advantage of not incurring any interest costs?
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