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April 18, 2014

Homework Help: Finite Math

Posted by f0REVERYUng on Saturday, May 5, 2012 at 12:29am.

In August 2008, General Motors was offering the choice of a 2.9% loan for 36 months, or $2000 cash back on the purchase of a $30,000 Pontiac Grand Prix.

(a) If you take the 2.9% loan offer, how much will your monthly payment be?
$_________

(b) If you take the $2000 cash-back offer and can borrow money from your local credit union at 8.1% interest compounded monthly for three years, how much will your monthly payment be?
$_________

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