Asked by amanda
math problem-Car payments are determined using simple interest. To finance your vehicle purchase you have two choices. Write two equations, one for each bank, that models the banks' loan options using x for the price of the vehicle and y to represent the total cost (price, interest and origination fees) paid on each loan. Be sure to label which equation goes with which bank.
Bank A: Finance the full price of the vehicle at 5% with an origination fee of $200 paid over 5 years.
Bank B: Finance the full price of the vehicle at 4.5% paid over 6 years (no additional fees).
Bank A: Finance the full price of the vehicle at 5% with an origination fee of $200 paid over 5 years.
Bank B: Finance the full price of the vehicle at 4.5% paid over 6 years (no additional fees).
Answers
Answered by
Henry
A. Y = (x+200) + (x+200)*0.05*5.
B. Y = x + x*0.045*6.
B. Y = x + x*0.045*6.
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