6) You can afford a monthly payment for a new car of $725. The bank will offer you a loan for 5 years, with monthly payments, at an APR of 4.8%. Given these facts, what is the maximum amount you can afford to pay for a new car?

7) What is the possible future value of a lump sum of $1,000 with n>1 and r=3%?

a)$800

b)$1,126

c)$1,030

d)$940

8) What was the possible price of a car you purchased making five annual payments of $6,000 on an amortizing loan?

a)$32,000

b)$30,000

c)$25,000

d)$6,000