YeaImSyko YeaImSyko

18-12-2022
Mathematics

Answered

You need to borrow $11,500 to buy your first car. You can afford monthly payments of no more than $240. The bank offers two options. Which, If any, works for you? Use the Installment Loan Formula. Show the set-up on your scrap paper. Find answers to the nearest cent.

Option 1 : 3 year loan at 7% APR

Option 2 : 5 year loan at 8% APR

Answer :

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