THOR is trying to buy a car. The car costs $65,000. He has $16,000 saved up for his down payment.
a) How much money does he need to borrow from VW Finance if he down pays all
of his $16,000?
- remember that it doesn't matter what the cost of the car is, it matters how much he borro
b) VW Finance gives him an offer of 4.99% financing for 5 years. What will be his monthly
payment for his new car?
- when using the monthly payment formula, remember which THREE parts you
need to calculate
how many decimal places for each part?
- you need to be very accurate with your calculations!!!