Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mary wants to buy a car but is unsure how much of she can afford. The maximum monthly payment she can afford is $780. Her

Mary wants to buy a car but is unsure how much of she can afford. The maximum monthly payment she can afford is $780. Her bank's interest rate is 14% annualy if she pays off loan over 5 years.

what is the maximum amount she can afford to borrow?

- impossible to calculate with given data

- she can afford $53,325.05

-she can afford $46,800.03

-she can afford $33,522.07

(show all excel work)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions