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ohaa [14]
3 years ago
9

Melanie can afford a $310-per-month car payment. If she is being offered a 5-year car loan with an APR of 3.0%, compounded month

ly, what is the value of the most expensive car she can afford
Mathematics
2 answers:
adell [148]3 years ago
6 0
Here is the answer
$17,252.23
sattari [20]3 years ago
4 0

Answer:

The most expensive car Melanie can afford is $17287.43

Step-by-step explanation:

The EMI formula is :

\frac{p*r*(1+r)^{n} }{(1+r)^{n}-1 }

Here we have to find the p

EMI = 310

r = \frac{3}{100}=0.03 \frac{0.03}{12}= 0.0025

n = 5\times12=60

Putting values in the formula we get,

310=\frac{p*0.0025*(1.0025)^{60} }{(1+r)^{60}-1 }

310=\frac{p*0.0025*1.162}{0.062}

50.22=0.002905p

p=17287.43 dollars

The most expensive car Melanie can afford is $17287.43

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