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Which of these two finance packages is the better deal

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Reference no: EM132801625

Problem - Evaluating finance packages. Assume that you've been shopping for a new car and intend to finance part of it through an installment loan. The car you're looking for has a sticker price of $18,000. The local dealership has offered to sell it to you for $3,000 down and finance the balance with a loan that will require 48 monthly payments of $333.67; Adventure Vehicles will sell you the exact same vehicle for $3,500 down, plus a 60-month loan for the balance, with monthly payments of $265.02. Which of these two finance packages is the better deal? Explain.

Reference no: EM132801625

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