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Alternatives for purchasing the car

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Reference no: EM132725971

You're considering buying a new car. The cars list price is $32,000. The dealer has offered you two alternatives for purchasing the car:

  • You can buy the car for $29,000 in cash and get a $3,000 discount in the bargain. Assuming that you have no cash, if you decide to choose this option, you will borrow $29,000 from your bank. Your local bank is willing to give you a car loan at an annual interest rate of 8.2%, compounded monthly (that is, 8.2%/12 per month).
  • You can buy the car for the list of $32,000. In this case, the dealer is willing to take $10,000 as an initial payment. The remainder of the $22,000 is a "zero-interest loan" to be paid back in equal installments over 48 months.

Reference no: EM132725971

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