s QUESTION 10 Car payments are determined using simple interest. If you don’t remember this formula,...

s QUESTION 10 Car payments are determined using simple interest. If you don’t remember this formula, go back and look it up! To finance your vehicle purchase you have two choices. Write two equations, one for each bank, that models the banks' loan options using x for the price of the vehicle and y to represent the total cost (price, interest and origination fees) paid on each loan. Be sure to label which equation goes with which bank. Bank A: Finance the full price of the vehicle at 5% with an origination fee of $300 paid over 5 years. Bank B: Finance the full price of the vehicle at 3.5% paid over 6 years (no additional fees).

QUESTION 12 Use the equations you came up with for bank financing options to calculate the following: Total cost of your vehicle using bank A Monthly payment of your vehicle using bank A Total cost of your vehicle using bank B Monthly payment of your vehicle using bank B Show all of your work using the equation editor and label each solution. my car costs $31,690.00

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Colby Messinger answered 2 years ago

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