Mathematics, 28.10.2020 23:50 cristian691023
I'LL MARK AS Brenda can afford a $565-per-month automobile payment, and she's interested in either a pickup truck, which costs $28,100, or an SUV, which costs $28,500. She's being offered a 5-year loan with an APR of 7.2%, compounded monthly. Help Brenda figure out which of the vehicles she can afford.
Part I: What is the periodic interest rate of the loan that Brenda is being offered?
Part II: How many total payments does the loan that Brenda is being offered require?
Part III: What is the largest amount of money that Brenda can afford to borrow?
Part IV: Can Brenda afford the pickup truck?
Part V: Can Brenda afford the SUV?
Answers: 2
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I'LL MARK AS Brenda can afford a $565-per-month automobile payment, and she's interested in either a...
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