Lester has budgeted $800 a month to finance and maintain a car. He expects the following monthly
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Question:
Lester has budgeted $800 a month to finance and maintain a car. He expects the following monthly expenses:
- $84 Gas
- $123 Insurance
- $47 Maintenance and Repairs
- $25 Miscellaneous costs
Lester scouted around for good financing terms. A local lender is willing to finance a car at a 4.55% loan rate over a 4 year duration.
What is the highest purchase price Lester can afford while staying within his monthly budget?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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