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You are in need of a car. After much research you have decided to purchase a new 2023 Toyota Camry.
The list price for the car at the local dealership is $25,945 including tax, title, and license. When you visit
the dealership the finance manager provides you with three purchasing options.
Option A: 5.64% APR, compounded monthly, for 72 months with $0 down at the time of purchase
Option B: 0% APR, compounded monthly, for 48 months with $1000 down at the time of purchase
Option C: 5.49% APR, compounded monthly, for 60 months with $5000 down at the time of
purchase
For each purchasing option, compute
the required monthly payment,
the total amount you will have paid for your car, and
. for the first loan payment, how much money will go towards interest and how much money will go
towards the outstanding balance?
Sagot :
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