## Question

###### You can afford a $250 per month car payment. You've found a 4 year loan at...

You can afford a $250 per month car payment. You've found a 4 year loan at 2% interest. How big of a loan can you afford? ----- 9 License Points available on this attempt: 7.7 of original 11 This is attempt 2 of 3. Score on last attempt: 0. Score in gradebook: 0 100 Submit

## Answers

Loans formula where P = d = n = k = N = Amount of the loan Yowe Monthly Payment Amnal interest rate in decimal from Number of Compounding period in One yene length of the loan in years. Here d =$250 12 m = @oba 0.02 k = 12, since we are doing monthly payment N = 4, fince we are making monthly paynats for of years So P. = 250 (1 - (i + 922) 257 (I – 0.926) 0.0016 250 (1 - ( 1+0.0016) ) 250 x 0:0 74 0.0016 o C- (1.0016) 2 = $11,562.5 (Aus) 0.02 12 0.0016 250 00016

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