Question

Taylor is about to go car shopping, and she has $5000 saved that she can use for a down payment while still having extra cash in her emergency fund. she expects the exact model car she’s looking for to cost $35,000. if her top priority is having the lowest monthly payments possible, which advice should she follow?

Answer 1

The best option for Taylor is option d. Put in $5000 for your down payment, and choose a loan with a long term length.

What is a loan?

In the world of finance, a loan is the lending of money by one or more people, organizations, or other entities to other people, organizations, or other entities. The recipient (i.e., the borrower) incurs a debt and is often compelled to pay interest on that loan until it is repaid, as well as repaying the principal amount borrowed. The principle amount borrowed, the interest rate levied by the lender, and the due date are often included in the document serving as evidence of the debt such as a promissory note.

It will be simpler to repay in this situation if you select a long-term repayment schedule.

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