oseph and Alex each qualify for a $0 down payment and 3.5% interest on a car loan. Joseph makes a down payment on the car, but Alex does not. How will their choices affect each person's loan?

Question

05-06-2018
Mathematics

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oseph and Alex each qualify for a $0 down payment and 3.5% interest on a car loan. Joseph makes a down payment on the car, but Alex does not. How will their choices affect each person's loan?

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sqdancefan sqdancefan · Answer 1 · 2018-06-05T01:35:39+02:00

sqdancefan sqdancefan

05-06-2018

For the same loan period, Joseph's payments will be lower, and his total cost will be lower than those for Alex's loan.

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chisnau chisnau · Answer 2 · 2019-06-05T18:52:48+02:00

Answer:

Joseph and Alex each qualify for a $0 down payment and 3.5% interest on a car loan.

Joseph makes a down payment on the car, means his loan amount will be less as he has already paid some amount. Whereas Alex did not paid any down payment so his loan amount will be the total car amount.

Then, despite having the same interest rates, Joseph will have less monthly installments as his loan amount is less. While Alex will have to pay more monthly payment as his loan amount is high.