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Elan Coil [88]
3 years ago
13

Travis can afford a $260-per-month car payment, and he is interested in either a compact car, which costs $10800, or a coupe, wh

ich costs 11,300. If he is being offered a 4-year car loan with and APR of 6%, compounded monthly, which car can Travis afford?
Mathematics
2 answers:
Tamiku [17]3 years ago
4 0

Answer:

Travis can afford the compact car.

Step-by-step explanation:

The EMI formula is :

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

In first case:

p = 10800

r = 6/12/100=0.005

n = 4*12 = 48

Putting values in the formula we get:

\frac{10800*0.005*(1+0.005)^{48} }{(1+0.005)^{48}-1 }

= $254

We can see that Travis can afford the compact car because the EMI is less than $260.

In second case:

p = 11300

r = 6/12/100=0.005

n = 4*12 = 48

Putting values in the formula we get:

\frac{11300*0.005*(1+0.005)^{48} }{(1+0.005)^{48}-1 }

= $265.75

We can see that the coupe will have an EMI of $265.75 which is higher than the amount that Travis can afford.

Hence, Travis can afford a compact car.

ludmilkaskok [199]3 years ago
3 0

Answer: travis can afford the compact car but not the coupe



Step-by-step explanation:


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