The sale of a $30,000 vehicle is to be financed through monthly payments over a 5-year period at an interest of 4.4% compounded monthly. Determine how much will be saved if payments were made at the beginning of each month compared to the end of the month over this time period.
A) $240.60
B) $215.35
C) $185.65
D) $140.80
E) $110.40

Question

Quizplus · Accepted Answer

The Answer of The sale of a $30,000 vehicle is to be financed through monthly payments over a 5-year period at an interest of 4.4% compounded monthly. Determine how much will be saved if payments were made at the beginning of each month compared to the end of the month over this time period.
A) $240.60
B) $215.35
C) $185.65
D) $140.80
E) $110.40

The Sale of a $30,000 Vehicle Is to Be Financed