Hi, I have a question for this problem You have been offered four different financing schemes...

Hi, I have a question for this problem

You have been offered four different financing schemes for a $30,000 car. Which one should you choose?

The answer choices are, can you please let me know what the right answer is and how to do it. Thank you.

$5,000 down with the rest paid in equal monthly payments of $624.70 per month for 48 months

$0 down with equal monthly payments of $960 per month for 36 months

$15,000 down and a final payment of $18,550 two years from now

have it financed with a bank loan at a quoted rate of 9.5% with loan repayments made monthly

Expert Solution

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

Cell reference -

jeff jeffy answered 1 month ago

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Hi, I have a question for this problem You have been offered four different financing schemes...

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