1. What is an aggressive financing strategy? What are components of aggressive finance strategies? What is the difference between the aggressive and conservative financing models? Under what circumstances would you use either model?
2. After visiting several used car dealerships, you find just the vehicle you are looking for: a black, 2016 Range Rover Sport. After some haggling, the dealer agrees to sell you the vehicle for $50,000. The trade-in allowance on your car is $800. The dealer offers you financing on the difference through a 60-month loan with payments of $999 per month. What is the Effective Annual Rate on the loan?