Problem
Choose When to Borrow Imagine that you have a job that pays you a good wage. You have decided to borrow $20,000 to buy a new car. Right now the interest rate on a new-car loan is 9 percent. You have read in the newspaper that the Fed is likely to lower interest rates soon because many workers are being laid off and unemployment is on the rise. You believe that if you wait a few months, you might be able to borrow the money you need at only 7 percent interest. Should you buy the car now or wait for lower interest rates? What else should concern you? Explain your answers.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.