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March 26, 2017

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You want to buy a car but the price of $22000 is a bit steep. You are willing to put down $3000 and finance it over 5 years; however, you are restricted to no more than $325 per month. The interest rate is 6% per year. What is the price you can afford to pay for the car?

  • Albebra - ,

    what is the present value of 325 for 60 months, at a period interest rate of 6/12 ?
    Add 3000 dollars.

    I get slightly less than 20,000

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