Question

Rachael can afford a $380-per-month car payment. If she is being offered a 4-

year car loan with an APR of 3.6%, compounded monthly, what is the value of the most expensive car she can afford?​

Answer 1

Answer: $16,963.91 - APEX

Answer 2

$16,963.91

Step-by-step explanation:

380(1 - 1.003^-48)/0.003

= $16,963.91