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# \$2.00Math/Financial Question

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Suppose you are planning to buy a car, and its price is \$30,000. You can borrow the money for a five-year term with an interest rate of 4% annually. You also have \$30,000 in your bank account and can invest your money as a bank CD with an interest rate 4.5% annually for five years. Would you please calculate how much you will be benefited if you borrow \$30000 from the dealer and invest your own \$30000 in a bank CD.

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Preview: ... figure out how much the CD will yield: CD = 30,000 ( 1 + 0.045)^5 = \$37,385.46 The difference is the be ...

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