Jackson investigated loans for a $15,575 car. What might happen if he found a car he liked for $10,000?(1 point) Responses The lenders might give him a better interest rate on a smaller loan. The lenders might give him a better interest rate on a smaller loan. The lenders will not lend him a smaller amount of money. The lenders will not lend him a smaller amount of money. He would have larger monthly payments. He would have larger monthly payments. He would still have to take the bank’s loan offer.
The answer could be:
He might have the option to take out a smaller loan with a lower interest rate.
If Jackson found a car he liked for $10,000, the following possibilities might occur:
1. The lenders might give him a better interest rate on a smaller loan.
2. The lenders will not lend him a smaller amount of money.
3. He would have larger monthly payments.
4. He would still have to take the bank's loan offer.
It's important to note that these are only possible outcomes and the actual result may vary depending on the specific circumstances and the lender's policies.
If Jackson found a car he liked for $10,000 instead of the $15,575 he initially investigated loans for, several things might happen:
1. The lenders might give him a better interest rate on a smaller loan: If Jackson borrows a smaller amount of money, the lenders may offer him a lower interest rate. This is because smaller loans generally pose less risk to lenders, so they might be more willing to offer more favorable terms.
2. The lenders will not lend him a smaller amount of money: It is also possible that the lenders might not be willing to lend Jackson a smaller amount of money. Lenders often have minimum loan amounts, and if the car loan Jackson initially investigated was close to that minimum, they may not offer a loan for a smaller amount.
3. He would have larger monthly payments: If Jackson takes out a smaller loan, his monthly payments would likely be larger. This is because the total loan amount is reduced, but the interest rate and loan term (length) may remain the same or similar. With a smaller loan amount, the monthly payments required to pay off the loan in the same timeframe would be higher.
4. He would still have to take the bank's loan offer: Even if Jackson found a car he liked for $10,000 instead of the originally investigated $15,575, he would still need to accept the loan offer from the bank or lender. This offer might include specific terms, interest rates, and repayment conditions. Jackson would need to assess whether the loan offer is suitable for his financial situation and decide whether to proceed with it.