Classic autos is offering free credit on 55000 car you pay, Financial Management

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Classic autos is offering free credit on 55000 car you pay

Classic Autos is offering free credit on $55,000 car. You pay $10,000 down today and then balance at the end of five years. Premium Motors next door does not offer credit, but will give you $15,000 off the list price. Which company is offering a better deal? Assume annual compounding. Assume 8% interest rate.

A. Premium Autos

B. Both are offering the same deal

C. Cannot determine without further information.

D. Classic Autos

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Financial Management: Classic autos is offering free credit on 55000 car you pay

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Financial Management: Classic autos is offering free credit on 55000 car you pay

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