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22. Phil can afford paying $200 a month for 5 years for a car loan. If the interest rate is 7.5 percent per year compounded

22. Phil can afford paying $200 a month for 5 years for a car loan. If the interest rate is 7.5 percent per year compounded monthly, how much can he afford to borrow to purchase a car? Phil will make the loan payments at the end of each month. A. $8,750.00 B. $9,348.03 C. $9,981.06 D. $10,266.67 E. $10,400.00

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