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Rachael can afford a $380-per-month car payment. If she is being offered a 4- year car loan with an APR of 3.6%, compounded monthly, what is the value of the most expensive car she can afford?​
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Rachael can afford a $380-per-month car payment. If she is being offered a 4-

year car loan with an APR of 3.6%, compounded monthly, what is the value of the most expensive car she can afford?​

User Basavaraj Metri
by
4.7k points

2 Answers

7 votes

Answer: $16,963.91 - APEX

User Tarique
by
5.7k points
3 votes

Answer:

$16,963.91

Step-by-step explanation:

380(1 - 1.003^-48)/0.003

= $16,963.91

User RWRkeSBZ
by
6.2k points
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