Marcus Holloway has $7500 that he will use as a down payment on a car. Assuming that he can afford a payment of $625 per month, how much can Marcus spend on a car (that is, what is the total cost of the car that Marcus can purchase) if the interest rate is 5.75% and if he will finance his purchase with a 5 year, monthly payment loan?

Answer rating: 100% (QA)

To calculate the total cost of the car that Marcus can purchase we need to use the ... View the full answer