Question
Marcus Holloway has $1,000 that he will use as a down payment on a car. Assuming that he can afford a payment of $225 per
Marcus Holloway has $1,000 that he will use as a down payment on a car. Assuming that he can afford a payment of $225 per month, how much can Marcus spend on a car (that is, what is the total cost of the car that Marcus can purchase) if the interest rate is 3.75% and if he will finance his purchase with a 5 year, monthly payment loan?
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Management Science The Art Of Modeling With Spreadsheets
Authors: Stephen G. Powell, Kenneth R. Baker
3rd Edition
0470530677, 978-0470530672
