Johnwants to purchase a car. He reviewed his budget and can comfortably afford a car payment of $350per month. He has good credit and anticipated being able to secure a5-year loan at4% interest. What is the maximum cost he should pay for a car to stay within his budgeted monthly amount?

$15003.

$15038.

$19023.

$16194

On January 1,Stevenborrows $5700with a fixed interest rate on the loan of10% and a loan term of2years. He will be making monthly payments of $263.03. How much ofSteven's first loan payment on February 1 would be principal?(Round answers to 2 decimal places, e.g. 52.75.)

$294.27

$215.53

$256.56

$217.33