Question

Assume the car can be purchased for 0% down for 60 months (in lieu of rebate). A BMW that has a sticker price of $62,520 with factory and dealer rebates of $6,000 (a) Find the monthly payment if financed for 60 months at 0% APR. (Round your answer to the nearest cent.) $ Incorrect: Your answer is incorrect. (b) Find the monthly payment if financed at 2.5% add-on interest for 60 months. (Round your answer to the nearest cent.) $ Incorrect: Your answer is incorrect. (c) Use the APR approximation formula to find the APR for part (b). (Round your answer to one decimal place.) Incorrect: Your answer is incorrect. % (d) State whether the 0% APR or the 2.5% add-on rate should be preferred. 0% APR 2.5% add-on rate Changed: Your submitted answer was incorrect, but you received credit for a previous answer. Your current answer has not been submitted.

Answer 1

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