Suppose that you are planning to take out a car loan and can borrow money at 7.8% annual interest compounded weekly. If you believe that you can afford to make a $50 payment at the end of each week and intend to be finished paying off the loan 3 years from now, how much can you borrow?

Answer rating: 100% (QA)

Number of weeks in an year 52 Hence weekly interest rat... View the full answer