Question

Janie just inherited a large sum of money from her grandmother in the amount of $10,000. janie was thinking of buying a new car but would require additional money to cover the full cost of the automobile. currently, interest rates are high. what would be the best option for janie to do? (select all that apply.) responses wait until the fed lowers the discount rate to take out a car loan. wait until the fed lowers the discount rate to take out a car loan. withdraw money from her existing bank account to buy the car. withdraw money from her existing bank account to buy the car. take out a car loan and buy a new car. take out a car loan and buy a new car. deposit the money into a bank account. deposit the money into a bank account.

Answer 1

Janie's options are to wait for a lower interest rate to take out a loan, withdraw from her bank account, or deposit the money into a bank account.

Step-by-step explanation:

Janie has a few options to consider given that interest rates are high and she needs additional money to cover the full cost of the car. First, she could wait until the Federal Reserve lowers the discount rate to take out a car loan. This could potentially result in a lower interest rate and make the loan more affordable. Second, Janie could withdraw money from her existing bank account to buy the car. This option eliminates the need for a loan and the associated interest payments. Lastly, Janie could deposit the money into a bank account. By doing this, she could potentially earn interest on the money while she continues to save for the full cost of the car.