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Contact [7]
3 years ago
6

7. You have saved $4,000 for a down payment on a new car. The largest monthly payment you can affort is $350. The loan will have

a 12% APR based on end-of-month payments. What is the most expensive car you can affort if you finance it for 48 months? For 60 months?

Business
1 answer:
nordsb [41]3 years ago
8 0

Answer:

$13,290.89  and $15,734.26

Explanation:

In this question we have to use the Present value function which is shown on the attachment below:

In the first case

Provided that

Future value = $0

Rate of interest = 12%  ÷ 12 months = 1%

NPER = 48 months

PMT = $350

The formula is shown below:

= PV(Rate;NPER;PMT;FV;type)

So, after solving this, the present value is $13,290.89

In the second case

Provided that

Future value = $0

Rate of interest = 12%  ÷ 12 months = 1%

NPER = 60 months

PMT = $350

The formula is shown below:

= PV(Rate;NPER;PMT;FV;type)

So, after solving this, the present value is $15,734.26

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Answer and Explanation:

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(Being closing of expenses accounts are closed)

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1. Make the following statement True by filling in the blank from the choices below: Critical infrastructure owners and operator
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In the past, industrial control  systems were generally not connected to IT networks and did not contain complex computing  capabilities; therefore, they could be adequately protected using physical security measures like locks  and fences. However, as OT has become more integrated with IT, such physical measures are becoming  less adequate in securing the underlying critical assets.

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