Question

3.

Answer 1

Answer:

c

Step-by-step explanation:

Answer 2

Answer:

$20.95

Step-by-step explanation:

Credit rating is fair ⇒ Secured APR = 7.00%

Loan amount = sale price + tax - down payment

new car = 19072 + (19072 x 0.045) - 1200 = 18730.24

used car = 15635 + (15635 x 0.045) - 1200 = 15138.575

Monthly interest = loan amount x 0.07 x 1/12

new car = 18730.24 x 0.07 x 1/12 = 109.26

used car = 15138.575 x 0.07 x 1/12 = 88.31

Difference = 109.26 - 88.31 = $20.95