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What is his net gain or loss after selling the car

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Reference no: EM133053553

Question - How do you figure out your car payment per month, and the interest on it, and it's value after depreciation? Kevin is trying to determine whether to lease or purchase a car. The purchase price is $42,000, and he has been approved for a 4-year loan with a 5.75% interest rate. He assumes the car's value will depreciate 8% each year, and he intends to sell the car after 1010 years at the depreciated value. What is his net gain or loss after selling the car?

a. $18,244.32

b. -$65,359.41

c. $47,115.09

d. -$28,870.77

Reference no: EM133053553

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