B. Car Loan AlternativesActions for ‘B. Car Loan Alternatives’ SubscribeHide DescriptionThis issue has three parts. You are considering the purchase of new car.You have negotiated with the salesperson at the dealership and you canpurchase the vehicle for $30,000. You have $8,000 that you can use as adown payment. Prior to going into the dealership, you haveset an absolute limit of $375 for the amount of monthly payments thatyou can make on the car. You are willing to finance over five years butyou cannot exceed the payment of $375 per month. The dealer is willingto offer you financing at an annual rate of 6.5% for a 5-year loan. Thedealer is willing to offer 5.5% financing on a 4-year loan. CalculatorWeb’s loan calculatorlets you specify any single item to calculate if the other fourvariables are specified. The value should be entered as whole numberswithout commas. 1. Can you meet your payment restriction and finance the amount required for the car? 2. What is the maximum amount that you can borrow to meet your payment restriction if the loan is to be paid off in 5 years? 3. Suppose that you are limited to paying $375 per month but you want to pay the loan off in 4 years and not 5 years. What is th
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