You've been shopping for a truck. You have $2000 to use as a down payment, and you've

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 from the bank, can you afford the truck? Show all calculations and explain.
Line of Credit
A line of credit (LOC) is a preset borrowing limit that can be used at any time. The borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again in the case of an open line of credit. A LOC is...