You can get a car loan with a term of three years at an APR of 6%. If you can afford a monthly payment of $350, how much can you borrow?

gemauert79

gemauert79

Answered question

2022-09-20

You can get a car loan with a term of three years at an APR of 6%. If you can afford a monthly payment of $350, how much can you borrow?

Answer & Explanation

panterafan101wx

panterafan101wx

Beginner2022-09-21Added 6 answers

given that APR =6%
Monthly Paymentt =$350
n=3 years
r = 6 % 12 = 0.06 12 350 = P × 0.06 12 1 ( 1 + 0.06 12 ) 36 350 = P × 0.06 12 × 0.164 P = 350 × 12 × 0.164 0.06 P = $ 11480

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