Question

PV AND LOAN ELIGIBILITY You have saved $4,000 for a down payment on a new car....

PV AND LOAN ELIGIBILITY

You have saved $4,000 for a down payment on a new car. The largest monthly payment you can afford is $350. The loan will have a 8% 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.
$  

Homework Answers

Answer #1

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.

N 48
I/Y 8%12 0.67%
PMT -350
FV 0
CPT PV $14,336.67

Expensive car you can afford=14336.67+4000=$18336.67

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.

N 60
I/Y 8%12 0.67%
PMT -350
FV 0
CPT PV $17,261.45

Expensive car you can afford=$17,261.45+4000=$21261.45

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