Answered

Westonci.ca connects you with experts who provide insightful answers to your questions. Join us today and start learning! Get expert answers to your questions quickly and accurately from our dedicated community of professionals. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

3.

You (or your parents) are debating about whether to buy a new car for $19,072.00 or a used car for $15,635.00. Sales tax is 4.5%. You (or your parents) plan to make a down payment of $1,200.00 and your credit rating is fair. Use the table below to determine the difference in interest accrued by the end of the first month.
Secured Unsecured
Credit APR (%) APR (%)
Excellent 4.80 5.25
Good 5.15 5.65
Average 5.85 6.20
Fair 7.00 7.65
Poor 8.20 9.15



$18.02

$16.55

$20.95

$21.63

Sagot :

IxXDuckyxXI

Answer:

c

Step-by-step explanation:

semsee45

Answer:

$20.95

Step-by-step explanation:

Credit rating is fair ⇒ Secured APR = 7.00%

Loan amount = sale price + tax - down payment

new car = 19072 + (19072 x 0.045) - 1200 = 18730.24

used car = 15635 + (15635 x 0.045) - 1200 = 15138.575

Monthly interest = loan amount x 0.07 x 1/12

new car = 18730.24 x 0.07 x 1/12 = 109.26

used car = 15138.575 x 0.07 x 1/12 = 88.31

Difference = 109.26 - 88.31 = $20.95

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.