Question

15) Allie Young has to get a new car because someone hit and destroyed her old one. She feels she can afford to

pay $90 each month, and the best loan terms she has found offer her an 8.33 percent interest rate on a 4-year
loan. What is the maximum value of the car Allie should be looking for? Give answer to nearest hundred dollars.
a.) $3900
b.) $3800
c.) $3600
d.) $3700

Answer 1

Answer:I beleive the answer is c-3600

Explanation:

90$ a month for 48 months=4320

Plus the interest rate of 8.33 so 4320x0.833=3598.56

Then you have to round up from 3598.56 to the nearest 100 dollars, so it would be 3600.