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Amores Act Excel 3

This document compares three car loan options that differ in term length and interest rate, showing the monthly payment, total payout, and interest expense for borrowing $17,400 for a $22,400 car with a $5,000 down payment.

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CRING TV
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34 views1 page

Amores Act Excel 3

This document compares three car loan options that differ in term length and interest rate, showing the monthly payment, total payout, and interest expense for borrowing $17,400 for a $22,400 car with a $5,000 down payment.

Uploaded by

CRING TV
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Comparison of Car Loans

Selling Price $22,400.00


Down Payment $5,000.00
Principal $17,400.00 (amount borrowed)

Option #1 Option #2 Option #3


Term(in months) 60 48 36
Annual Interest Rate 7.61% 8.15% 9.25%
Monthly Payment -$349.57 -$426.01 -$555.34
Total Payout -$20,974.23 -$20,448.53 -$19,992.32
Interest Expense -$3,574.23 -$3,048.53 -$2,592.32

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