Question
Suppose you are looking for a loan to buy a barn. If you can afford a payment of $346 per month and want to pay
Suppose you are looking for a loan to buy a barn. If you can afford a payment of $346 per month and want to pay the loan off over the next 3 years, how much can you borrow, if the bank will charge you an interest rate of 4% APR?
Suppose you want to buy a car today. If you can afford a payment of $161 per month and want to pay the loan off over the next 5 years. Assuming no down payment is required, how much can you borrow if the bank will charge you an annual percentage rate of 5% APR?
Suppose you want to buy a boat today. If you can afford a payment of $210 per month and want to pay the loan off over the next 5 years. Assuming no down payment is required, how much can you borrow if the bank will charge you an annual percentage rate of 5% APR?
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