You have a choice of two loans buying a car for $23,000 You are offered a 4 year loan for 5% with a 15% down payment
You are offered a 3 year loan for 6% with a 20% down payment

Your task:

In BOTH cases, calculate the down payment, the interest, the total, the monthly payment and the total cost

Then make a decision on which choice you’ll take for the loan using the calculations to justify your response