question archive The salesperson offers, “Buy this new car for $28,000 cash or, with appropriate down payment, pay $525 per month for 60 months at an 8% interest (APR)
The salesperson offers, “Buy this new car for $28,000 cash or, with appropriate down payment, pay $525 per month for 60 months at an 8% interest (APR)
Subject:FinancePrice: Bought3
The salesperson offers, “Buy this new car for $28,000 cash or, with appropriate down payment, pay $525 per month for 60 months at an 8% interest (APR).” Assuming that the salesperson does not offer a free lunch (i.e., both deals are equal in value to him) calculate the “appropriate” down payment.
a. $2527.24
b. $2107.82
c. $21040.61
d. $2480.12
