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6. Charles would like to buy a new car that costs $ 32000. The dealership offers to finance the car at 2.4% a compounded monthly for 5 years with monthly payments. The dealer will reduce the selling price by $ 3000 if Charles pays cash. Charles can get a loan from his bank at 5.4% a compounded monthly. Which is the best way to buy a car? (Use Formula and show your work)

6. Charles would like to buy a new car that costs $ 32000. The dealership offers to finance the car at 2.4% a compounded monthly for 5 years with monthly payments. The dealer will reduce the selling price by $ 3000 if Charles pays cash. Charles can get a loan from his bank at 5.4% a compounded monthly. Which is the best way to buy a car? (Use Formula and show your work)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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6. Charles would like to buy a new car that costs $ 32000. The dealership offers to finance the car at 2.4% a compounded monthly for 5 years with monthly payments. The dealer will reduce the selling price by $ 3000 if Charles pays cash. Charles can get a loan from his bank at 5.4% a compounded monthly. Which is the best way to buy a car? (Use Formula and show your work) 7. William bought a house for $205 000 and made a down payment of $30 000. The annual interest rate for a five-year fixed rate mortgage is 5.5%. Determine the bi weekly payment for a mortgage with a 25-year amortization period. Round up to the nearest dollar. (Use the TVM Solver)
Transcribed Image Text:6. Charles would like to buy a new car that costs $ 32000. The dealership offers to finance the car at 2.4% a compounded monthly for 5 years with monthly payments. The dealer will reduce the selling price by $ 3000 if Charles pays cash. Charles can get a loan from his bank at 5.4% a compounded monthly. Which is the best way to buy a car? (Use Formula and show your work) 7. William bought a house for $205 000 and made a down payment of $30 000. The annual interest rate for a five-year fixed rate mortgage is 5.5%. Determine the bi weekly payment for a mortgage with a 25-year amortization period. Round up to the nearest dollar. (Use the TVM Solver)
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