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Mathematics, 31.01.2021 08:40 haileysolis5
You'd like to purchase a new car when you graduate and start working. The car that you would really like costs $38,000. You've
checked with the bank and based on your income, you would qualify for a car loan with an annual interest rate of 4.32% with a 5-
year repayment period. You now realize that you're not able to afford this car payment each month and still pay your other monthly
expenses. The bank offers a 7-year car loan with the same interest rate. If you were to choose the 7-year car loan instead of the 5-
year car loan, how much lower would your monthly payment be? (Round answer to nearest whole number)
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