Calculating loan rates

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Reference no: EM1358220

Consider the solving of applied interest problems that you read about this week. Now, apply your knowledge of these models to a practical problem.

Please respond to all of the following prompts in the class discussion section of your online course:

1. Go to http://www.kbb.com/new-cars and choose a new car you would like to purchase. Go through all the steps of adding additional options to your car. Note the MSRP.

2. Then go to https://www.chase.com/ and click Products and Services and in the dropdown list click on auto loans and check auto loan rates. Input your zip code and compare with the standard auto loan rates. Summarize your findings.

3. Assume you are taking the loan out for 60 months. What would the simple interest and the maturity value be on your new car purchase?

4. Make up your own purchasing example and apply the I = Prt formula to this example.

Reference no: EM1358220

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