Charles would like to buy a new car that costs $32 000. The dealership offers
to finance the car at 2.4%/a compounded monthly for five years with
monthly payments. The dealer will reduce the selling price by $3000 if
Charles pays cash. Charles can get a loan from his bank at 5.4%/a
compounded monthly. Which is the best way to buy the car? Justify your
answer with calculations.
the answer says choose bank financing, TL;33990.60 B;33156.00
but i cant figure out how to get to that please help
to finance the car at 2.4%/a compounded monthly for five years with
monthly payments. The dealer will reduce the selling price by $3000 if
Charles pays cash. Charles can get a loan from his bank at 5.4%/a
compounded monthly. Which is the best way to buy the car? Justify your
answer with calculations.
the answer says choose bank financing, TL;33990.60 B;33156.00
but i cant figure out how to get to that please help