You would like to buy a Mazda Miata Convertible for a purchase price of $27,500. You will take out a loan for the entire amount. a. You have excellent credit so you can secure a loan at 5% APR for 3 years. What is your monthly payment? How much will you pay in interest if you pay off the loan as scheduled? b. Now suppose instead you want to consider a 5 year loan at 6.5% APR. What is your monthly payment? How much will you pay in interest if you pay off the loan as scheduled? c. Compare the cost of the two loans.
 👍
 👎
 👁
 ℹ️
 🚩
1 answer

 👍
 👎
 ℹ️
 🚩
Answer this Question
Related Questions
Still need help?
You can ask a new question or browse existing questions.