Compare the monthly payment amount of annabelle's dream car at two different car dealerships.
dealership a: the car costs $30,000, and the loan has an annual interest rate of 4.8%.
dealership b: the car costs $29,800, and the loan has an annual interest rate of 5.4%.
determine the monthly payment for each dealership, and decide which is cheaper. both interest rates are compounded
monthly. both loans are for 5 years, or 60 months. assume that there is no down payment.

By comparing both the payments we can say that Dealer A is cheaper by $4.50.

Step-by-step explanation:

Dealership A: The car costs $30,000, and the loan has an annual interest rate of 4.8% for 5 years.

The EMI formula is :

Now, p = 30000

r =

n =

Putting values in formula we get;

=>

EMI is = $563.34

Dealership B: The car costs $29,800, and the loan has an annual interest rate of 5.4% for 5 years.

p = 29800

r =

n =

Putting values in formula we get;

=>

EMI = $567.84

By comparing both the payments we can say that Dealer A is cheaper by $4.50.

answer: 1 and 3

step-by-step explanation:

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step-by-step explanation: