k youP parents to co-sign a loan at your local credit union) 20. Using the sinki

Question

k youP parents to co-sign a loan at your local credit union) 20. Using the sinking fund approach, how much do you have to save to buy a $s,000 car one year from now? O $275 a month into savings O $300 a month into savings O $400 a month into savings O $416.66 a month into savings) 21. Which statement is true? People spend more money when they pay with cash When you pay with cash, you have a higher chance of negotiating a better deal When you pay with cash, it is hard to negotiate a deal because you did not use their credit Using a credit card is wiser than carrying cash around

Explanation / Answer

price of car = $5000, we have to save for 12 months

As interest rate is not given, we have to think it just as simple saving with out interest

So we have to save every month = $5000/12 = $416.67 a month into savings

Answer :  $416.67 a month into savings

second answer

correct answer :When you pay with cash, you have a higher chance of negotiating a better deal

when you have cash, you can bargain better. The opposite party knows that party has come with cash, so we will also offer better deal as party has cash on hand

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