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Unformatted text preview: part time. I needed the car at the time since my old car was becoming a money pit. The difference of $94.53 seems silly now close to 3 years later, but it was a lot for me back then. So the part where I want to vomit comes now. If I had chosen the 36 month loan, I would have paid a total of $1,225 in interest for a total of $9,784.48 for the car. However, I chose the 60 month loan and I will be paying a total of $2,076.46, for a total of $10,635.94. It's a difference of $851.46 for the car in the end. These differences show that the true cost of the car is determined by how long you are paying off the car, which I understood then but I decided to prolong my loan period and thus pay more for it....
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This note was uploaded on 02/26/2012 for the course FIN 102 taught by Professor Franks during the Spring '12 term at University of Phoenix.
- Spring '12