Question 1
Use PMT = 
. Round to the nearest dollar.
Suppose you are thinking about buying a car and have narrowed down your choices to two options:
The new-car option: The new car costs $22,000 and can be financed with a four-year loan at 6.15%.
The used-car option: A two-year old model of the same car costs $13,000 and can be financed with a four-year loan at 6.89%.
What is the difference in monthly payments between financing the new car and financing the used car?
◦ $0
◦ $170
◦ $212
◦ $207
Question 2
Use A = 
. Round all computations to the nearest dollar.
Suppose that you drive 40,000 miles per year and gas averages $4 per gallon.
(i) What will you save in annual fuel expenses by owning a hybrid car averaging 40 miles per gallon rather than an SUV averaging 20 miles per gallon?
(ii) If you deposit your monthly fuel savings at the end of each month into an annuity that pays 5.9% compounded monthly, how much will you have saved at the end of seven years?
◦ (i) $5000;
(ii) $43,205
◦ (i) $3900;
(ii) $33,700
◦ (i) $4000;
(ii) $34,564
◦ (i) $4100;
(ii) $35,428
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