Terri is looking to purchase a used car for $15,000 and received the following auto loan offers. Her goal is to find the option with the lowest monthly payment. Which option should Terri choose to meet her goal? Note you may need to use a financial calculator to answer this question. Select answer from the options below There is not enough information to answer this question. A 60-month loan with a fixed 3.65% interest rate. A 48-month loan with a fixed 2.76% interest rate. A 36-month loan with a fixed 2.72% interest rate.

The Becker family is getting a home loan to finance a $260,000 mortgage. While looking for a mortgage, they found two alternatives: Mortgage A 30-year loan with an interest rate of 3.611% and a monthly payment of $1,184. Mortgage B 15-year loan with an interest rate of 2.7% Recall: Loan Payment Formula.png| A. Calculate the total amount paid for Mortgage A. B. Calculate the total interest paid for Mortgage A. C. Calculate the monthly payment for Mortgage B. D. Calculate the total amount paid for Mortgage B. E. Calculate the total interest paid for Mortgage B. F. Write a two or more sentences giving the Becker family some advice about which mortgage to choose. G. Why might the Becker family not take your advice from part c)? Answer in one or two sentences.

Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for $74,000. Assuming that she puts 20% down, what will be her monthly payment and the total cost of interest over the cost of the loan for each assumption? (Use the Table 15.1) Note: Do not round intermediate calculations. Round your answers to the nearest cent.   Monthly payment Total cost of interest a. 25 Years, 4.75% $337.51 $42,053.00 b.25 Years, 5.25%     c. 25 Years, 5.50% $363.54 $49,862.00 d. 25 Years, 5.75%     e. What is the savings in interest cost between 4.75% and 5.75%? Note: Round your answer to the nearest dollar amount. Interest cost: f. If Harriet uses 30 years instead of 25 for both 4.75% and 5.75%, what is the difference in interest? Note: Use 360 days a year. Round your answer to the nearest dollar amount. Interest difference:   TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year…

Dennis Lamenti wants to buy a new car that costs $15,326.72. He has two possible loans in mind. One loan is through the car dealer; it is a four-year add-on interest loan at  7 3 4 %  and requires a down payment of $1,000. The second is through his bank; it is a four-year simple interest amortized loan at  7 3 4 %  and requires a down payment of $1,000. (Round your answers to the nearest cent.) (b) Find the total interest paid for each loan. dealer     $  bank     $