A college student is buying a used car for $10,000. The student can either pay in full with cash from savings, or finance the car for 60 months at a monthly compounding interest rate of 5.25%, which results in a monthly payment of $216.57.

How much more is paid over the life of the loan versus paying in cash?

O $2,994.20
O$12,994.20
O $1,082.85
O $11,082.85

Question

05-12-2022
Mathematics

Answered

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A college student is buying a used car for $10,000. The student can either pay in full with cash from savings, or finance the car for 60 months at a monthly compounding interest rate of 5.25%, which results in a monthly payment of $216.57.

How much more is paid over the life of the loan versus paying in cash?

O $2,994.20
O$12,994.20
O $1,082.85
O $11,082.85

Sagot :

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