Question
PV and loan eligibility You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $300.
PV and loan eligibility
You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $300. The loan will have a 9% APR based on end-of-month payments.
What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent.
What is the most expensive car you can afford if you finance it for 60 months? Do not round intermediate calculations. Round your answer to the nearest cent.
Please show work so that I can learn how to complete this question. Thanks!
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Real Estate Finance and Investments
Authors: William Brueggeman, Jeffrey Fisher
14th edition
73377333, 73377339, 978-0073377339
