In: Finance
Extra Credit Activity #1
You are considering buying a new car worth $15,000. You can finance the car either by withdrawing cash from your savings account (option 1), which earns 8% interest compounded monthly or by borrowing $15,000 from your dealer for five years at 11% interest compounded monthly and quarterly payments (option 2).
Submit an excel file with your answers. Mac users need to save the spreadsheet as xls or xlsx.