You are considering purchasing an automobile. You\'ve narrowed your choices to a

Question

You are considering purchasing an automobile. You've narrowed your choices to a Mazda Miata ($23,700), a Ford Mustang ($26,500), or a Chevrolet Camaro ($30,600). You realize you should pay no more than $400 per month and have decided to pay your loan off in 4 years (48 monthly payments). Your bank has agreed to give you a loan for the cost of the automobile at an annual interest rate of 8% with interest comounded monthly. Assume that you make no down payment and that the cost of the cars listed includes tax, title, and licensing. Assuming that you pay $400 each month after the interest has been added, develop a difference equation to describe the amount that you owe the bank. Determine how many months it will take you to repay your loan for each of the three vehicles. Also, calculate your final monthly payment for each of the three vehicles.

Explanation / Answer

question is going to expire and no one gonna answer this so points will go waste .. at least help me rating .... if u help u god will help u dear :) plzzzzzzzzz

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