857 Words4 Pages

| Math 103 Final Project – Parts 1, 2, and 3 | | |
Math 103
Instructor: Toni Robertson
December 11, 2010
Math 103
Instructor: Toni Robertson
December 11, 2010
Part 1:
1a. What is the shortest loan (36 months, 48 months, 60 months or 72 months) that has a monthly payment within your $500 budget that will allow you to buy the $15,000 car?
Answer: Through Bank of America, I found a rate of 2.99% for the 36, 48 and 60 month loans. We are able to put down 20% and will need to finance $12,000. The shortest loan period for the $15,000 car that would be under our $500 limit is the 36 month loan at a rate of $348.93 per month.
1b. Whether you can afford it or not, how much is the monthly payment for a $15,000 car for a 36 month loan?
Answer: The 36 month loan is at a rate of $348.93 per month.
2a. What is the shortest loan (36 months, 48 months, 60 months or 72 months) that has a monthly payment within your $500 budget that will allow you to buy the $30,000 car?
Answer: Through Bank of America, I found a rate of 2.99% for the 36, 48 and 60 month loans. We are able to put down 20% and will need to finance $24,000. The shortest loan period for the $30,000 car that would be under our $500 limit is the 60 month loan at a rate of $431.13 per month.
2b. Whether you can afford it or not, how much is the monthly payment for a $30,000 car for a 36 month loan?
Answer: The 36 month loan is at a rate of $697.87 per month.
3a. What is the shortest loan (36 months, 48 months, 60 months or 72 months) that has a monthly payment within your $500 budget that will allow you to buy the $45,000 car?
Answer: Through Bank of America, I found a rate of 2.99% for the 36, 48 and 60 month loans. We are able to put down 20% and will need to finance $36,000. There is no loan period for the $45,000 car that would be under our $500

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