06-05_task.docx - Name \u2002 \u2002 \u2002 \u2002 \u2002\u2002 Date \u2002 \u2002 \u2002 \u2002 \u2002\u2002 School \u2002 \u2002 \u2002 \u2002 \u2002\u2002 Facilitator \u2002 \u2002 \u2002 \u2002 \u2002\u2002 6.05

06-05_task.docx - Name u2002 u2002 u2002 u2002...

This preview shows page 1 out of 1 page.

Name: Date: School: Facilitator: 6.05 Calculating Finance Charges To fill in the missing information in the table below, you may use the car loan calculator linked on the Task page. The loan will be for 5 years and principal will be $50,000 with 3.75% sales tax. There is no trade-in and no down payment. Bank Interest Rate Monthly Payment Total cost of finance charge A 3.5% 909.59 54,575.23 B 4% 920.83 55,249.57 C 4.5% 932.15 55,929.06 D 5% 953.56 56,613.70 After you have completed the chart above, answer the following questions. 1. What is the difference in the monthly payment for Bank A and Bank B? 11.24 2. What is the difference in the monthly payment for Bank C and Bank D?
Image of page 1

You've reached the end of your free preview.

Want to read the whole page?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture