Question

Question 29 5 pts Ms. X is shopping for a new car. She will put $2000 down, and finance the rest with 48 monthly payments at an interest rate of 6%. If she can afford monthly payments of $350 per month, what is the price of the most expensive car she can afford? $16,800 $18,800 0 0 $14.903 0 $16,903 U Question 30 5 pts Stephen sets up an IRA with an APR of 7% at age 26. At the end of each month, he deposits $88 in the account. How much will the IRA contain when he reaches 65? Compare that amount to the total amount of deposits made over the time period, $214,394,44; The difference between amounts is $173,210,44 $139,431,01; The difference between amounts is $104,231.01. $146,307.57: The difference between amounts is $134,022.55. $2462.89; The difference between amounts is $174.89.

Answer 1

formulae for EMI E=por. (1+rin E = 350 (EMI) P= ? (Principal loan Amount) rate calculated on monthly r= 12 10o basis) n=48 month let P = X-2000 48 350 = (X-2000) * 0.005x(1+0.00) (to cosijea i 350- (-2000)x 0.005 x 1-2 704891 0.270489 94.67115 = (X-2000)>0.005x\-2704 18934 -2-2000 1.2704

X-2000 = +4903 x = 16903 Hence answer is 16903 dollars