Financing a Car - Chris Cooper's Math Site
Financing a Car
Installment Loan ? a loan that you pay off with weekly or monthly payments (or other time period)
Pro: Consumer can use product immediately
Con: Interest can add a large amount to the cost of the product
Loan Payment
Loan Payment
Ex. Suppose you decide to borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: four-year loan at 8% Installment Loan B: six-year loan at 10%
a) Find the monthly payments and the total interest for Loan A b) Find the monthly payments and the total interest for Loan B c) Compare the monthly payments and total interest for the two loans.
Loan Payment
Ex. Suppose you decide to borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: four-year loan at 8% Installment Loan B: six-year loan at 10%
a) Find the monthly payments and the total interest for Loan A
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