Steven can afford car payments of $300 a month for 72 months. The bank will lend him this money at 8 percent interest. How much can Steven borrow today?
a. $17,224.43
b. $20,747.52
c. $15,428.14
d. $20,770.57
e. $17,110.36
Present value is calculated using the PV function as follows:
=PV(rate,nper,pmt)
=PV(8%/12,72,-300)
=17,110.36
Steven can afford car payments of $300 a month for 72 months. The bank will lend...
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