Mustapha needs a $3000 loan to buy a used car so he can take a job not accessible by public transportation. Which loan structure would result in the HIGHEST TOTAL COST?
Make a $500 down payment, then pay the $150 minimum monthly payments required until the debt is paid off.
Make a $1500 down payment, then pay $500 per month from his paychecks until the debt is paid off.
Don't make a down payment, but pay the $150 minimum monthly payments required until the debt is paid off.
Make a $500 down payment, then pay $500 per month from his paychecks until the debt is paid off.