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Pat Radigan is planning to buy a Toyota hybrid for $18,749 with $1,500 down and plans...

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Finance

Pat Radigan is planning to buy a Toyota hybrid for $18,749 with$1,500 down and plans to finance the car. Citizens’ Financial Bankquoted a finance charge at 8.5% for 48 months; Charter One Bankquoted him a finance charge at 8% for 60 months.

a. What would be his monthly payment toCitizens’ Financial Bank? (Do not round intermediatecalculations. Round your answer to the nearest cent.)

b. What would be his monthly payment to CharterOne Bank? (Do not round intermediate calculations. Roundyour answer to the nearest cent. )

c. How much more would his monthly payment beon the 48-month loan? (Do not round intermediatecalculations. Round your answer to the nearest cent.)

Answer & Explanation Solved by verified expert
4.0 Ratings (718 Votes)
a Cost of car 18749 Down payment 1500 Finance charges 85 and No of months 48 monthsLoan Cost of car Down payment 18749 1500 17249Monthly rate Finance charges 12 8512To find monthly payment for    See Answer
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Transcribed Image Text

Pat Radigan is planning to buy a Toyota hybrid for $18,749 with$1,500 down and plans to finance the car. Citizens’ Financial Bankquoted a finance charge at 8.5% for 48 months; Charter One Bankquoted him a finance charge at 8% for 60 months.a. What would be his monthly payment toCitizens’ Financial Bank? (Do not round intermediatecalculations. Round your answer to the nearest cent.)b. What would be his monthly payment to CharterOne Bank? (Do not round intermediate calculations. Roundyour answer to the nearest cent. )c. How much more would his monthly payment beon the 48-month loan? (Do not round intermediatecalculations. Round your answer to the nearest cent.)

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