Financial institutions often offer lower auto loan rates for new cars than used ones. A local credit union advertises new car loans at 2.79% APR and used car loans at
3.29% both for up to 72 months.
Tyresa wants to buy a car but doesn't want to spend more than $350 a month for a
maximum of four years. What is the maximum loan amount she can take out for a
new car and a used car using the advertised rates?
P[(1+" - 1
Use the formula, A
where P is the monthly payment, r is the
annual interest rate, n is the number times interest is compounded in one year, and t
is the number of years. Show all of your steps.

answer: can you give the

step-by-step explanation:

explanation:

the loan estimate encourages consumers to shop. since it is the lenders who are required to issue a standardized loan estimate in a specific time frame, this way consumers are provided an opportunity to compare lenders and their products. otherwise consumer wouldn't know the benefits offered by other lenders.  

if a loan originator does not provide a loan estimate within 3 business days of receiving a completed loan application, that lender is in violation. lenders are required to issue a loan estimate within 3 days of applying for a loan or within 7 days prior to closing. having a loan estimate has following information.

not having loan estimate won't give you an idea of money to be borrowed.

you get to know your interest rates.

you also get to know if your interest rate can or may vary.

not having a good faith estimate can keep you unaware of aforementioned points.