Question
You want to buy a new car, but you can make an initial payment of only $1,700 and can afford monthly payments of at most
You want to buy a new car, but you can make an initial payment of only $1,700 and can afford monthly payments of at most $725.
a. If the APR on auto loans is 9% and you finance the purchase over 36 months, what is the maximum price you can pay for the car? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
b. How much can you afford if you finance the purchase over 48 months? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
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Financial Performance
Authors: Marc Bertoneche, Rory Knight
1st Edition
0750640111, 978-0750640114
