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Pat Radigan is planning to buy a Toyota hybrid for $18,889 with $1,900 down and plans...

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Finance

Pat Radigan is planning to buy a Toyota hybrid for $18,889 with$1,900 down and plans to finance the car. Citizens’ Financial Bankquoted a finance charge at 8% for 48 months; Charter One Bankquoted him a finance charge at 7.5% for 60 months.


a. What would be his monthly payment to Citizens’Financial Bank? (Do not round intermediate calculations.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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Transcribed Image Text

Pat Radigan is planning to buy a Toyota hybrid for $18,889 with$1,900 down and plans to finance the car. Citizens’ Financial Bankquoted a finance charge at 8% for 48 months; Charter One Bankquoted him a finance charge at 7.5% for 60 months.a. What would be his monthly payment to Citizens’Financial Bank? (Do not round intermediate calculations.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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