Business, 22.02.2020 01:18 jaidenkenna2001
You want to buy a new car, but you can make an initial payment of only $1,000 and can afford monthly payments of at most $900.
a.
If the APR on auto loans is 12% and you finance the purchase over 48 months, what is the maximum price you can pay for the car? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Maximum price $
b.
How much can you afford if you finance the purchase over 60 months? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Maximum price $
Answers: 1
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