1) (Annuity payments) Ford Motor Company's current incentives include 5.7 percent APR financing for 72 months or $1,100 cash back on a Mustang. Let's assume Suzie Student wants to buy the premium Mustang convertible, which costs $34,000, and she has no down payment other than the cash back from Ford. If she chooses the $1,100 cash back, Suzie can borrow from the VTech Credit Union at 7.7 percent APR for 72 months.
- If Suzie chooses 5.7 percent APR financing for 72 months to buy the premium Mustang convertible, which costs $34,000 = PMT(62.632529), what will her monthly payment be? (Round to the nearest cent.)
- If Suzie chooses $1,100 cash back to buy the premium Mustang convertible and borrows $32,900 from the VTech Credit Union at 7.7 percent APR for 72 months, how much will her monthly payment be?
- Which option should Suzie Student choose?
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|xxxxxxxx payments) Ford Motor xxxxxxxxx xxxxxxx incentives include 5.7 percent APR xxxxxxxxx xxx 72 xxxxxx xx xxxxxx xxxx back on a Mustang. xxxxx assume Suzie Student xxxxx to xxx the xxxxxxx Mustang xxxxxxxxxxxx xxxxx costs $34,000, xxx she has no xxxx payment xxxxx than xxx cash back xxxx Ford. If she chooses the $1,100 cash back, Suzie xxx xxxxxx xxxx the VTech Credit xxxxx at xxx xxxxxxx APR for 72 months.|
|x||xx Suzie xxxxxxx xxx percent xxx financing for xx months to xxx xxx premium xxxxxxx convertible, which xxxxx xxxxxxx x PMT(62.632529), xxxx will her xxxxxxx payment be? (Round xx xxx nearest xxxxxx|
|xxxx||5.70%||xxxxxxx xxxxxxx xx 1st xxxx x xxxxxx borrowed * APR/12 x (1 x APR/12)No. of xxxxxx / [(1 x xxxxxxxxxx xx xxxxxx x xx|
|xx||xx Suzie chooses xxxxxx cash xxxx to xxx the xxxxxxx Mustang xxxxxxxxxxx and xxxxxxx $32,900 from the xxxxx xxxxxx Union xx 7.7 xxxxxxx APR xxx xx months, xxx much will her monthly payment be?|
|x||Which xxxxxx xxxxxx Suzie xxxxxxx choose?|
|xxxxx xxxxxx choose xxx 5.7% APR financing|
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