(Please help)Joe has a savings account and a credit card. He has $422 saved in his savings account and has purchased $524 worth
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Using the monthly payments formula, it is found that a car with a value of at most $25,293.
<h3>What is the monthly payment formula?</h3>It is given by:
In which:
- P is the initial amount.
- r is the interest rate.
- n is the number of payments.
In this problem, we have that the parameters are given as follows:
A = 400, n = 70, r = 0.035.
Hence:
r/12 = 0.035/12 = 0.002917.
Then we have to solve for P to find the maximum value of the car.
P = $25,293.
More can be learned about the monthly payments formula at brainly.com/question/26267630
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