Walt can afford monthly car payments of $140 for 3 years, starting 1 month from now....
Walt can afford monthly car payments of $140 for 3 years, starting 1 month from now. The interest rate is 4.6 percent, compounded monthly. How much can he afford to borrow to buy a car? Multiple Choice $4,961.36 $4,717.32 $4,533.80 $5,333.88 $4,699.31
Homework Answers
| Walt can borrow the PV of $140 that can be paid monthly | ||
| for 3 years. The monthly payments constitute an annuity. | ||
| Using the formula for finding PV of annuity the amount | ||
| than can be borrowed = 140*((1+0.046/12)^36-1)/((0.046/12)*(1+0.046/12)^36)) | $ 4,699.31 | Answer |
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