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A Webster University student recently graduated from a Masters Program, obtained a good job and is...

A Webster University student recently graduated from a Masters Program, obtained a good job and is buying a car. What is the total amount the Webster Student can afford if: Payments need to be 350 per month Term is 60 months Interest rate (a special rate if they buy today) = 1%

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Answer #1

Loan can afford = pv = PMT*(1-(1/(1+rn/ $15,734.26 $350*(1-(1/(1.01460))}/0.01

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