Mingming Is Planning to Purchase a New Car and Plans

question 84

Multiple Choice

Mingming is planning to purchase a new car and plans to borrow $15,000 to help finance the purchase.She has $50,000 of equity in her home so she is planning to take out a home equity loan.Mingming is in the 25% tax bracket.The bank is requiring an 8% interest rate on this loan.The car dealership has just announced a promotion lowering its interest rate on auto loans.In order for the auto dealership loan to be more attractive,the interest rate must be lower than

• A)8%.
• B)6%.
• C)4%.
• D)10%.

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Definitions:

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