Reference no: EM13216577
The car of your dreams. Conduct some research as to the cost of this car. You have determined in this imagined scenario that you could afford to make a 10% down payment. You can borrow the balance either from your local bank using a four-year loan or from the dealership's finance company. If you purchase from your dealership's finance company, the APR will be 10% with your 10% down and monthly payments over three years. However, the dealership will give you a rebate of 5% of the car price after the three year term is complete. You want the best deal possible, so you consider the following questions:
What type of car have you selected, and what will it cost?
My dream car is a 2013 BMW 1series
PVo=33036.20(after 10%)
R=3.25%
N=48 (4 years)
What is the interest rate from your local bank for a car loan for four years?
3.25%
What will your payment be to your local bank, assuming your 10% down payment? Be sure to use the formula provided chapter 4 and show your work. How much will that car have cost in four years?
What will your payment be to the dealership finance company assuming your 10% down payment? Be sure to use the formula provided in Chapter 4 and show your work. How much will that car have cost in 3 years?
PVo = PMT (1 - [1/ (1 + r) N] )r
Which is the better deal and why?
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