Parker has two options for buying a car. Option A is 1.6 % APR financing over 60 months and Option Bis 5.4% APR over 60 months with $2500 cash back, which he would use as part of the down payment. The price of the car is $33,019 and Parker has saved $3300 for the down payment. Find the total amount Parker will spend on the car for each option if he plans to make monthly payments. Round your answers to the nearest cent, if necessary.

Parker has two options for buying a car. Option A is 1.6 % APR financing over 60 months and Option Bis 5.4% APR over 60 months with $2500 cash back, which he would use as part of the down payment. The price of the car is $33,019 and Parker has saved $3300 for the down payment. Find the total amount Parker will spend on the car for each option if he plans to make monthly payments. Round your answers to the nearest cent, if necessary.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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