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?
2 answers:
Answer:
Travis can afford the compact car.
Step-by-step explanation:
The EMI formula is :

In first case:
p = 10800
r = 6/12/100=0.005
n = 4*12 = 48
Putting values in the formula we get:

= $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:

= $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.
Answer: travis can afford the compact car but not the coupe
Step-by-step explanation:
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