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.6.5 Suppose that you are thinking about buying a car and have narrowed down your choices...


.6.5 Suppose that you are thinking about buying a car and have narrowed down your choices to two options. The new-car option:
.6.5 Suppose that you are thinking about buying a car and have narrowed down your choices to two options. The new-car option: The new car costs $31,000 and can be financed with a three-year loan at 7.63%. The used-car option: A three-year old model of the same car costs $14,000 and can be financed with a four-year loan at 7.25%. What is the difference in monthly payments between financing the new car and financing the used car? Use PMT=- -nt 1- The difference in monthly payments between financing the new car and financing the used car is s (Round to the nearest cent as needed.)
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Answer #1

New car P = 31000 T= 3 years. R = 7.637. monthly Payment P () - (+ A)- 11 3loor 310001 763%) -12x3 (*+ 7.632. 12 :) 197.1083= 84.5833 0.25108 336.8736 : Difference in monthly Payment is 966.1446- 336.8736 629.271 a $ 6 24.27= 84.5833 0.25108 336.8736 : Difference in monthly Payment is 966.1446- 336.8736 629.271 a $ 6 24.27

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