Question

Nemo can make a monthly payment of $565 for a car. If the annual interest rate he

qualifies for is 9% for 4 years, what price could he afford for the car?

Answer 1

Answer:$ 24,679.20 or 514.15 a month

Step-by-step explanation: 565(.09) is 50.85 which needs to be deducted from the payment of 565 because he needs to be able to pay for interest. 514.15 is then multiplied by 48 months which will bring you to 24,679.20