Kevin decided that he wanted to buy a $32,000 new car. He paid $1,000 for a down payment but didn’t have enough cash to pay the rest. He financed the remaining $31,000 at 6%
interest on a six-year term loan. His payments were $513.76 per month. How much did
Kevin end up paying for the car? How much of that was interest payments? Did Kevin
make a good or a bad financial decision? Why?

The and is 3776569628383 easy hung

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan