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How much money will the client have for new car

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Point 1: Suppose a new N??kel??n 1s In the market tor a car. new can arrow to spend wow per month, but she decides it is best to buy a cheap car now and use what is left of the $533 to save for a really nice one later. These savings will earn an effective annual rate of 9 percent interest. Suppose she decides to borrow.Ir $15,000 to buy a used car. The loan is for fortyeight months at a 7.8 percent APR. Three years later she sells this car for $4,500.

Question 1: How much money will the client have for her new car after paying off the old one assuming that all payments and compounding occurred on a monthly basis? (Do not consider sales or income taxes in Ihe calculations.)

Reference no: EM132472712

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