Answer Happy

Buying a Car You are purchasing a new car for $27,600. The dealership offers you three options: · 0% financing: 0 down and 0% financing for 48 months. · Rebate: 0 down. If you choose the rebate, you will need to secure a loan for the balance at your local bank. · Down payment: Make a down payment of 5% or more and get financing at 1.5% compounded monthly for 48 months. Use this information to answer questions 3-6 below.
Question 4 5 pts Use the Buying a Car information above to answer this question. The rebate offer is $3400, and you can obtain a car loan at your local bank for the balance at 2% compounded monthly for 48 months. If you choose the rebate, what is your monthly payment? Round to the nearest dollar. D Question 5 5 pts Use the Buying a Car information above to answer this question. You want to make monthly payments of $467, but you don't want a car loan over your head for more than 48 months, so you decide to go with the down payment option. How much of a down payment do you need to make? $ Round to the nearest dollar.