1. You recently bought a Tesla Electric Vehicle for $55,000. You paid $10,00 as a down payment and have a choice on how to pay back the remaining balance: of
$2,900/year or $100/week.
a. How many years pass for each option if your remaining balance is $5,000? Round to one decimal place.
b. The average car loan is 7 years. Which option would you go with? Justify your answer.
