You are applying for auto loans where the local bank charges you an APR of 3.5% compounded
Fantastic news! We've Found the answer you've been seeking!
Question:
You are applying for auto loans where the local bank charges you an APR of 3.5% compounded monthly. Based on your income, the maximum amount you can pay is $550 per month for 4 years, where the payment is scheduled at the end of the month. How much is the car that you can afford?
Assume that the present value of the investment is 1000 and future value is 1403 after five years What is the annual interest rate (%i)?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: