Question: I'm just making sure that I am doing this correctly, thank you. 1. You are in the market to buy a used car. Your monthly

I'm just making sure that I am doing this correctly, thank you.

1. You are in the market to buy a used car. Your monthly budget allows for a $300 per month car payment and you want to finance for 4 years. The current APR for a used car is 3%. a) Calculate the amount of loan you can afford. b) Complete the table below. Loan Balance Interest Paid Year 0 After 1 month After 2 months After 6 months After 1 year#1 Calculate loan 0.03 -(127 (4) 300 ( 1- (1+ #7- 2 0103 Z 3553 . 6 $ 13553. 61 loan you can afford Loan Bal Interest Paid year Di $ 13853, 61 $ 0 Month 1: 13553. 61 ( 2 = ) = 33. 58 300- 33:88 2 266, 12 13853:61-264. 12 2 $ 13287. 4% $ 33. 88 Month 2: 13287. 49 (12 ) 2 33. 22 1300 - 33.22 2 264. 7% 13287.49- 266.78- $ 13020 . 71 $ 33

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