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11Alexandr11 [23.1K]
3 years ago
5

Jana has $1,500 for a down payment and thinks she can afford monthly payments of $300. if she can finance a vehicle with a 7 per

cent, 4-year loan from a credit society, what is the maximum loan amount jana can afford? (round off the answer to nearest units place.)
Business
1 answer:
icang [17]3 years ago
6 0
Monthly payment, p = $300
Duration of loan, t = 4 years
Interest rate, r = 7% = 0.07
n = 12, the compounding interval.

The value of the loan is
A = (4 yr)*(12 mo/yr)*($300 per mo) = $14400

Let P = the principal (the amount financed).
Then
P(1 +  \frac{r}{n} )^{nt} = A
n*t = 12*4 = 48
P(1  + 0.07/12)⁴⁸ = 14400
1.3221P = 14400
P = $10,892.14

Answer: $10,892  (nearest dollar)

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