you have saved 1500 for a down payment and the dealer has already included any applicable fees including taxes in the advertised

Question

you have saved 1500 for a down payment and the dealer has already included any applicable fees including taxes in the advertised price You plan on taking 5 years to pay off the loan The table below shows the price and interest rate for each option Price Interest Rate 17 945 15 000 2020 Honda Fit LX 2018 Honda Fit LX For both the new and the pre owned Honda Fit LX options do the following 1 Compute the amount to be financed considering that you have saved 1500 for a down payment 1 9 6 9 2 Use the formula for a regular payment on a fixed installment loan to determine the monthly payment Round your answer to the nearest dollar 3 Determine the total amount paid when repaying the car loan 4 Determine the finance charge for each purchasing option This is the difference between the total amount paid on the loan and the amount financed 5 Complete the following table Price Interest Rate Down Payment Amount Financed Monthly Payment Total Amount Paid 2020 Honda Fit LX 17 945 1 9 2018 Honda Fit LX 15 000 6 9

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