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He wants to buy a car. He has his eyes on a sleek convertible in metallic blue.

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Here is what a character named Bart has in mind: 1. He wants to buy a car. He has his eyes on a… 1 answer below » Here is what a character named Bart has in mind: 1. He wants to buy a car. He has his eyes on a sleek convertible in metallic blue. The only problem is that he does not have loose cash in the amount of $37000 which is a ticketed price of the beauty. 2. He wants to take a loan. He will put down the 15% as his bank requires for the car loan. 3. His bank (The Second and Third Bank of the Midwest – STBM) offers two kinds of loans: a. Option A: 5 years, 5% a year in interest, b. Option B: 7 years, 6.5% a year in interest. Document Preview: View complete question » Here is what a character named Bart has in mind: 1. He wants to buy a car. He has his eyes on a sleek convertible in metallic blue. The only problem is that he does not have loose cash in the amount of $37000 which is a ticketed price of the beauty. 2. He wants to take a loan. He will put down the 15% as his bank requires for the car loan. 3. His bank (The Second and Third Bank of the Midwest – STBM) offers two kinds of loans: a. Option A: 5 years, 5% a year in interest, b. Option B: 7 years, 6.5% a year in interest. Document Preview: Here is what a character named Bart has in mind:
He wants to buy a car. He has his eyes on a sleek convertible in metallic blue. The only problem is that he does not have loose cash in the amount of $37000 which is a ticketed price of the beauty.
He wants to take a loan. He will put down the 15% as his bank requires for the car loan.
His bank (The Second and Third Bank of the Midwest – STBM) offers two kinds of loans:
Option A: 5 years, 5% a year in interest,
Option B: 7 years, 6.5% a year in interest.
Bart is itching to take a loan, to run to the dealer and to let the wind comb his curly hair while driving down his county road for everyone to see. But the idea of making monthly payments of more than $100 for 5 or 7 years does not sit well with him.
His Wife, Wilfrieda unexpectedly came to the rescue. She confessed that for the past 5 years she has been setting aside $85 a week and saved it at another bank that offers the best saving account annual interest rate – 4.5%. How much has Wilfrieda saved over the past 5 years? It has been exactly 5 years!
You need to help Bart figure the whole plan out: Will Bart’s down payment together with Wilfrieda’s savings be enough to take a loan for which the monthly payments for the loan in option A and B are less than $100.
Design your tables to your convenience; though clear enough for me to figure them out Attachments: Q-Attachment…..docx View less » Aug 01 2015 02:43 PM



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