lly is negotiating the purchase of a new boat. She has been given two options:
A. Borrow $26 000 at 5.3%, compounded monthly, with regular monthly payments of $825.
B. Pay $4000 at the time. Borrow $22 000 at 5.3%, compounded monthly, with regular monthly payments $900.
For each option, what is the term of the loan?
For each option, what is the total amount of interest paid by Sally?
C) What would you advise Sally to do? Explain.

Question

16-06-2024
Business

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lly is negotiating the purchase of a new boat. She has been given two options:
A. Borrow $26 000 at 5.3%, compounded monthly, with regular monthly payments of $825.
B. Pay $4000 at the time. Borrow $22 000 at 5.3%, compounded monthly, with regular monthly payments $900.
For each option, what is the term of the loan?
For each option, what is the total amount of interest paid by Sally?
C) What would you advise Sally to do? Explain.

Sagot :

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