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Determine how much cash the dealer would charge in option

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Reference no: EM132420110

You have decided to buy a used car. The dealer has offered you two options: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.)

  1. Pay $700 per month for 30 months and an additional $10,000 at the end of 30 months. The dealer is charging an annual interest rate of 24%.
  2. Make a one-time payment of $21,199, due when you purchase the car.

1-a. Determine how much cash the dealer would charge in option (a).

Reference no: EM132420110

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