Question
You want to buy a new car, but you can make an initial payment of only $3,000 and can afford monthly payments of at most
You want to buy a new car, but you can make an initial payment of only $3,000 and can afford monthly payments of at most $650.
a. If the APR on auto loans is 12% and you finance the purchase over 48 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 60 months? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
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Climate Finance
Authors: Richard B. Stewart, Benedict Kingsbury, Bryce Rudyk
1st Edition
081474138X, 978-0814741382
