Dennis Lamenti wants to buy a new car that costs $15,534.52. He has two possible loans in mind. One loan is through the car dealer; it is a four-year add-on interest loan at 7.75% and requires a down payment of $1,000. The second is through his bank; it is a four-year simple interest amortized loan at 7.75% and requires a down payment of $1,000. (Round your answers to the nearest cent.) (a) Find the monthly payment for each loan. dealer $ bank $ (b) Find the total interest paid for each loan. dealer $ bank $
Dennis Lamenti wants to buy a new car that costs $15,534.52. He has two possible loans in mind. One loan is through the car dealer; it is a four-year add-on interest loan at 7.75% and requires a down payment of $1,000. The second is through his bank; it is a four-year simple interest amortized loan at 7.75% and requires a down payment of $1,000. (Round your answers to the nearest cent.) (a) Find the monthly payment for each loan. dealer $ bank $ (b) Find the total interest paid for each loan. dealer $ bank $
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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Dennis Lamenti wants to buy a new car that costs $15,534.52. He has two possible loans in mind. One loan is through the car dealer; it is a four-year add-on interest loan at 7.75% and requires a down payment of $1,000. The second is through his bank; it is a four-year simple interest amortized loan at 7.75% and requires a down payment of $1,000. (Round your answers to the nearest cent.)
(a) Find the monthly payment for each loan.
(b) Find the total interest paid for each loan.
| dealer | $ |
| bank | $ |
(b) Find the total interest paid for each loan.
| dealer | $ |
| bank | $ |
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