Question 1
Use PMT = 
. Round to the nearest dollar.
Suppose that you decide to buy a car for $25,485, including taxes and license fees. You saved $7000 for a down payment and can get a five-year loan at 6.52%. Find the monthly payment and the total interest for the loan.
◦ $362; $3235
◦ $362; $19,675
◦ $636; $19,675
◦ $499; $4455
Question 2
Use PMT = . Round to the nearest dollar.
Suppose that you are buying a car for $50,000, including taxes and license fees. You saved $10,000 for a down payment. The dealer is offering you two incentives:
Incentive A is a $5000 off the price of the car, followed by a five-year loan at 7.39%.
Incentive B does not have a cash rebate, but provides free financing (no interest) over five years.
What is the difference in monthly payments between the two offers? Which incentive is the better deal?
◦ approximately $67; Incentive A is the better deal.
◦ approximately $85; Incentive B is the better deal.
◦ approximately $33; Incentive B is the better deal.
◦ approximately $15; Incentive A is the better deal.
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