(15% of Monthly Net Pay) 1.000
38,150 38,200
38,200 35.250
36,250 36,300
36,300 38,350
58,350 36,400
2,001
2,005
2008
2011
1.000
1,699
1.702
1.705
1.708
1.030
1.833
1.840
1.343
2. Use the following loan formula to find the maximum amount you can spend on a car with a 5-year
loan and an APR of 3.5%. [2 pts.]
M= Monthly Payment
M
pa
P=
r = APR as a decimal
n = # of months in loan
12
Math Applications - Hajdaraj - Car Project