5)Christina can afford to pay $230 a month for 6 years on a car loan. Given the interest rate is 7.9 percent, what amount she must borrow to make a purchase of the car?Holding the interest rate constant and increasing the amortization period of the loan, what could be the effect on the loan amount to be borrowed by Christina? (20 marks)

Answer rating: 100% (QA)

To find out how much Christina must borrow to purchase the car we can use the formula for calculatin... View the full answer