Business, 15.04.2021 23:40 genyjoannerubiera

Lindsay needs to purchase a car. The car she is planning on purchasing costs $7000 and she has $500 that she will be using as a down payment. She is offered credit
terms of 3% APR for a term of 2 years. Please calculate the following:

1. To purchase the car, what is the amount that Lindsay will need to finance?

2. In one year, how much interest will Lindsay pay on the loan?

3. In two years, in order for Lindsay to finally OWN the car, what will the actual cost of the car be in dollars? (down payment+amount financed+2 years interest=actual cost of car)

Answers: 3

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Lindsay needs to purchase a car. The car she is planning on purchasing costs $7000 and she has $500...