Question

You've been shopping for a truck. You have $2000 to use as a down payment, and you've been working with your bank to get the best financing rate possible. The bank recently quoted you an APR of 4.5% for 48 months, but they will only agree to finance you if your car payment does not exceed $299 per month. You recently found a nice used Chevy pickup, and you've negotiated the seller down to $15,112. Using your down payment and line of credit from the bank, can you afford the truck? Show all calculations and explain.


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  • CreatedAugust 07, 2015
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