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Autoloancomparison

The document provides instructions for comparing auto loan options from four financial institutions. It specifies taking out a $15,000 loan over 4 years at 4% interest to finance a $20,000 car, with a $5,000 down payment. The table shows Chase Bank offering the lowest APR of 1.88% and finance charge of $5,582.72, for a total cost of $20,582.72 paid in $324.64 monthly installments.

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62 views

Autoloancomparison

The document provides instructions for comparing auto loan options from four financial institutions. It specifies taking out a $15,000 loan over 4 years at 4% interest to finance a $20,000 car, with a $5,000 down payment. The table shows Chase Bank offering the lowest APR of 1.88% and finance charge of $5,582.72, for a total cost of $20,582.72 paid in $324.64 monthly installments.

Uploaded by

api-269968743
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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AutoLoanComparison

Instructions:
Itstimetochopsforaloan.Assumeyouarebuyinganewfor$20,000.Youaretradingin
youroldcarandincludingitinyourdownpayment.Yourdownpaymenttotals$5,000.The
principaloftheloanis$15,000.Therepaymentperiodis4years.Lookforfourfinancial
institutionsandcompletethetablebelow.Thiswillgoinsection3.2ofyourportfolio.

KindofLoan:Newcarloan
Principal:$15,000 RepaymentPeriod:4years=48
months

Nameof
Financial
Institution

APR

Finance
Charge

TotalCost

Monthly
Payment

ChaseBank

$1.88%

$5582.72

$20,582.72

$324.64=
15582.74

Bankof
America

$2.34%

$727.68

$20,727.68

$327.66

PNC

$2.24%

$696.00

$20,696.00

$327.00

$882.72

$20,882.72

$330.89

FirthThridBank $3.384%

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