Multiple Choice
Tom needs a car to commute to work and has found a suitable Honda Civic from a dealer for $8000.He has $3000 saved for it and can afford a monthly payment up to $250.Which of the following is the best (lowest total cost) financing option for him?
A) Make a $2500 deposit and take a two year loan with monthly payments of $241.
B) Make a $3000 deposit and take a two year loan with monthly payments of $221.
C) Make a $2000 deposit and take a three year loan with monthly payments of $185.
D) Make a $1000 deposit and take a three year loan with monthly payments of $210.
Correct Answer:
Verified
Correct Answer:
Verified
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