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Timothy can afford car payments of $600 a month for 60 months. The bank will lend him this money at 0.5 percent monthly interest. How

Timothy can afford car payments of $600 a month for 60 months. The bank will lend him this money at 0.5 percent monthly interest. How much can he borrow?

a. $31,035.34

b. $37,966.73

c. $35,198.45

d. $33,771.49

PMT=-600, N=60, I/Y=0.5, FV=0 => PV

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