Asked by Alec
Karl can afford car payments of $235 a month for 48 months. The bank will lend him money to buy a car at 7.75 percent interest. How much money can he afford to borrow?
Answers
Answered by
Reiny
PV = 235 (1 - 1.006458333..^-48)/.006458333
= $ 9672.48
= $ 9672.48
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