Auto Loans

The MSRP for a Toyota GR86 starts at around $28,990.

Thomas has $3000 for a down payment for his new car, and the dealership offers a $900 cash allowance directly off the total price. How much money does Thomas need via loan ?

Thomas needs a loan for $25090. In option 1 he is being charged 2.99% in interest. How much will Thomas pay monthly if he makes 48 monthly payments?

1. How much total interest will Thomas pay using in option 1? 

When Thomas adds all his payments, how much will the car cost in option 1?

Thomas looks at the monthly payment of over $500 and realizes he cannot afford the monthly payment. So, he takes a look at financing option 2. The MSRP is still $28,990 and Thomas still has a $3000 down payment saved for the purchase. The dealer will now offer a $500 Cash Allowance straight off his total. How much money does Thomas need a loan for?

5. Thomas now needs to borrow $25490. The new offer, option 2 is a 4.99% APR offer over 72 months, how much will Thomas pay monthly?

How much total interest will Thomas pay using option 2?

When Thomas adds all his payments, how much will the car cost him using option 2?

Thomas did not like Option 1 because the monthly payment of over $500. He looks at Option 2 and does not like how much interest he is paying so the dealer offers one last financing option. In Option 3, the MSRP is still $28,990 and Thomas still has a $3000 down payment saved for the purchase. The dealer will now offer a $1590 Cash Allowance straight off his total. How much money does Thomas need a loan for?

Thomas needs a loan for $24400. He is being charged 3.99% in interest. How much will Thomas pay monthly if he makes 60 monthly payments?