Dreams Do Come TrueImagine that you have decided you need a new car, but not any car willdo; you have decided to purchase the car of your dreams. Conduct someresearch as to the cost of this car. You have determined in thisimagined scenario that you could afford to make a 10% down payment. Youcan borrow the balance either from your local bank using a four-yearloan or from the dealership’s finance company. If you purchase fromyour dealership’s finance company, the APR will be 10% with your 10%down and monthly payments over three years. However, the dealership willgive you a rebate of 5% of the car price after the three year term iscomplete. You want the best deal possible, so you consider thefollowing questions:What type of car have you selected, and what will it cost? What is the interest rate from your local bank for a car loan for four years? What will your payment be to your local bank, assuming your 10%down payment? Be sure to use the formula provided in Chapter 4 and showyour work. How much will that car have cost in four years? What will your payment be to the dealership finance companyassuming your 10% down payment? Be sure to use the formula provided inChapter 4 and show your work. How much will that car have cost in 3years? Which is the better deal and why?
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