Homework Answers
rate positively ..
| We have to use financial calculator to solve this | |||
| put in calculator- | |||
| FV | 0 | ||
| PMT | -390 | ||
| I | 8.5%/12 | 0.7083% | |
| N | 4*12 | 48 | |
| Compute PV | $15,822.59 | ||
| Therefore Price can afford = 15822.59+1600 | $17,422.59 | ||
| Ans = | $17,422.59 |
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You are looking to buy a car and can afford to pay $195 per month. If the interest rate on a car loan is 0.78% per month for a 60-month loan, what is the most expensive car you can afford to buy? The amount that you can afford is (Round to the nearest dollar.)
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