your friend just purchased a new sports car for $32 000 he received $6,000for his trade and he used the money as a down payment for the new sports car. he finan

Question

i need help finding the installment loan

Answer 1

As it stands, financing would depend on a balance of $26,000 (32,000 - 6000). In addition, the following questions would need to be answered:

 

1-Did the person come out of pocket with additional money (the $26,000 balance would be less)?

2-How many years is the person looking to finance the vehicle?

3-What is the interest rate and the finance charge?