i = .036/12 = .003
n = 4*12 = 48
amount to financed = 500( 1 - 1.003^-48)/.003 = 22,320.93 = .....
Suppose you want to buy a car. The dealer offers a financing package consisting of
a 3.6% APR compounded monthly for a term of four years. Suppose that you want
your monthly payments to be at most $500. What is the maximum amount that you should finance? Round your answer to the nearest dollar.
Homework helpp!
2 answers
22,320.92
1 answer