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Business, 09.02.2021 06:00 AJSkullcrusher
You have been offered the opportunity to purchase a vehicle where you borrow $24,000 at an annual interest rate of 5% for a term of five years. However, similar to many other loans, your payments are calculated on a monthly or weekly basis
Please calculate what a) what your monthly payment would be and,
b) What would be the payment if you choose to elect to have a weekly plan? (Hint: assume a 52-week year and for this question don’t simply divide your monthly answer by four, as compounding on a weekly basis is different from a monthly plan).
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