Phil can afford $200 a month for 5 years for a car loan. if the interest rate is 7.5 percent, how much can he afford to borrow to purchase a car?

$24,952.65

Step-by-step explanation:

Phil can afford $200 a month for 5 years for a car loan. if the interest rate is 7.5 percent.

Loan formula:

where,

P is loan amount, P=?

E is monthly payment, E=$500

n is payment mode, n=12

t is time, t=5 years

r is rate of interest, r = 0.075

Substitute the value into formula and solve for P

Hence, Phil can borrow to purchase a car be $24,952.65

infinitely many solutions

step-by-step explanation:

we have been given the equation;

2(2x + 3) = -4 + 2(2x + 5)

we need to determine the value of x.

2(2x + 3), we expand this expression to obtain 4x + 6

similarly 2(2x + 5) will become 4x + 10

now we have;

4x + 6 = -4 + 4x + 10

4x + 6 = 4x + 10 - 4

4x + 6 = 4x + 6

the expression on the left hand side is identical to the one on the right hand side. therefore, we are looking at just a single straight line whose equation is;

y = 4x + 6

consequently, we shall have infinitely many solutions

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.