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Car Loan Alternatives

B. Car Loan Alternatives

Actions for ‘B. Car Loan Alternatives’

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This issue has three parts. ;

; You are considering the purchase of new car. You have negotiated with the salesperson at the dealership and you can purchase the vehicle for $30,000. You have $8,000 that you can use as a down payment. ;

; Prior to going into the dealership, you have set an absolute limit of $375 for the amount of monthly payments that you can make on the car. You are willing to finance over five years but you cannot exceed the payment of $375 per month. The dealer is willing to offer you financing at an annual rate of 6.5% for a 5-year loan. The dealer is willing to offer 5.5% financing on a 4-year loan. ;

; CalculatorWeb’s loan calculator lets you specify any single item to calculate if the other four variables are specified. The value should be entered as whole numbers without commas. ;

; 1. Can you meet your payment restriction and finance the amount required for the car? ;

; 2. What is the maximum amount that you can borrow to meet your payment restriction if the loan is to be paid off in 5 years? ;

; 3. Suppose that you are limited to paying $375 per month but you want to pay the loan off in 4 years and not 5 years. What is th

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