Time value of money interest
You are a recent college grad and just received the job of your dreams. You have decide to purchase a new car and home. In preparing for your new car you do your research. Access and use a loan calculator for your car and home purchase. Analyze the following data:
Car Purchase Amount Length of Loan Interest 1 Interest 2 Interest 3
$ 30,000 48 months 1.99 4.99 9.99
$ 30,000 60 months 0.99 4.99 8.99
Home Purchase Amount Length of Loan Interest 1 Interest 2
$ 300,000 15 yrs 4.68 6.5
$ 300,000 30 yrs 3.68 4.68
Review the amortization tables for each loan and identify the total interest paid in each scenario.
Deliverable Assignment:
Write a 1-2 page papers discuss your finding for each loan then determine which combination of car and home loan you will select. Discuss the importance of good credit and how it will impact your total payments.
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