Mark green is considering buying a new honda accord the


Question: Mark Green is considering buying a new Honda Accord. The purchase price of the car is $21,000 but Mark has a trade-in worth $4500. Mark needs a loan to buy the car and knows that his local bank requires him to put down 10% of the purchase price after the value of the trade-in is considered. Mark also knows that bank will charge 8% for the loan and require monthly payments over the next 4 years. Mark's monthly payments are 353.50 per month. What is Mark's total finance charge if he takes the full 4 years to pay off the loan?

Request for Solution File

Ask an Expert for Answer!!
Finance Basics: Mark green is considering buying a new honda accord the
Reference No:- TGS02787947

Expected delivery within 24 Hours