BUISENESS MANAGEMENT
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$9, 960
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$10, 810
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$11, 660
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None of the above
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Detailed explanation-1: -As a general rule, you will have to pay a minimum of 10% of the car value as a down payment. Some lenders/banks offer car loans up to 90% of the on-road price. Some lenders offer car loans up to 100% of the ex-showroom price but you will have to pay the difference of on-road and ex-showroom price as a down-payment.
Detailed explanation-2: -Down Payment is a payment option available on select products, using which, you can pay 25% of the product price at the time of purchase and convert the balance amount into EMI on your credit card. You will have to pay the Down Payment and the first EMI installment in the next billing cycle of your credit card.
Detailed explanation-3: -Down payment is calculated using the formula: down payment = down payment percent times purchase price. The down payment percent needs to be converted into a decimal for this calculation.