Question

You are looking to buy a car. You can afford $520 in monthly payments for four...

You are looking to buy a car. You can afford $520 in monthly payments for four years. In addition to the loan, you can make a $1,700 down payment. If interest rates are 8.75 percent APR, what price of car can you afford (loan plus down payment)? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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Answer #1

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As nothing was mentioned excel is used. If you need with formula, let me know, will do that also. Thank you.

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