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DAYAGANON, Act Excel 3

This document compares three car loan options that vary in term length, interest rate, monthly payment, total payout, and interest expense. Option 1 is a 60 month loan at 7.61% interest with a monthly payment of $349.57 and total interest expense of $3,574.23. Option 2 is a 48 month loan at 8.15% interest with a monthly payment of $426.01 and total interest expense of $3,048.53. Option 3 is a 36 month loan at 9.25% interest with a monthly payment of $555.34 and total interest expense of $2,592.32.

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CJ Dayaganon
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30 views1 page

DAYAGANON, Act Excel 3

This document compares three car loan options that vary in term length, interest rate, monthly payment, total payout, and interest expense. Option 1 is a 60 month loan at 7.61% interest with a monthly payment of $349.57 and total interest expense of $3,574.23. Option 2 is a 48 month loan at 8.15% interest with a monthly payment of $426.01 and total interest expense of $3,048.53. Option 3 is a 36 month loan at 9.25% interest with a monthly payment of $555.34 and total interest expense of $2,592.32.

Uploaded by

CJ Dayaganon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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Comparison of Car loans

Selling Price $22,400.00


Down Payment $5,000.00
Principal $17,400.00 (amount borrowed)

Option#1 Option#2 Option#3


Term(in months) 60 48 36
Annual Interest Rate 7.61% 8.15% 9.25%
Monthly Payment -₱349.57 -₱426.01 -₱555.34
Total Payout -₱20,974.23 -₱20,448.53 -₱19,992.32
Interest Expense ($3,574.23) ($3,048.53) ($2,592.32)

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