From the course: Business Math
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Loan payments and interest rates
- Let's do a role-playing exercise. I'll be the car salesperson, you be the car buyer. Ah, you want to buy a car that costs $30,000 dollars. No, no, no, there's your first mistake, my friend. Let's not think about the price of the car, let's think about those monthly payments. The monthly payments you ask? Yes, let me show you this nice car right over here. With special dealer financing, I can put you in this car for just $584.34 cents per month. No money down; you have one month until you need to make your first payment, you just sign right here, and drive away in this beauty. Just $584.34 cents per month. Now you're thinking, yeah, well, that's about what I was thinking of paying per month. The car looks a bit more expensive than what I planned to buy, but, okay, I'll sign. Now, I have illustrated an extreme example of a shady salesperson, me, and a gullible buyer, you. A reputable salesperson is going to show the car buyer all of the documents that would make clear that the car…
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