How much money did save by waiting until improved

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Reference no: EM132736225

Marshall has a $20,000, four year loan with an APR of 5.4%Monthly payment:Total amount of Monthly payments:

Finance charge:

Felipe has a $31,600, four year loan with an APR of 3.8%

  • Monthly payment:
  • Total amount of Monthly payments:
  • Finance charge:

Matilda has a $43,856, four year loan with an APR of 4.2%

  • Monthly payment:
  • Total amount of Monthly payments:
  • Finance charge:

Javier has a $17,600, four year loan with an APR of 3.2%

  • Monthly payment:
  • Total amount of Monthly payments:
  • Finance charge:

Whitney has a $18,900, four year loan with an APR of 8.2%

  • Monthly payment:
  • Total amount of Monthly payments:
  • Finance charge:

Santiago is looking at buying a new car. He's looking at a car that cost $22,000. He has worked really hard and brought up his credit into the excellent range. With the excellent range, he can get the used car for 3.2% APR for 5 years.

  • Monthly payment:
  • Total amount of Monthly payments:
  • Finance charge:

Two years ago, Santiago's credit score wasn't very good and the best rate he could have received was 9.5% APR for 5 years.

  • Monthly payment:
  • Total amount of Monthly payments:
  • Finance charge:

Problem 1: How much money did he save by waiting until he improved his credit score?

Reference no: EM132736225

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