   Chapter 9.1, Problem 43ES Mathematical Excursions (MindTap C...

4th Edition
Richard N. Aufmann + 3 others
ISBN: 9781305965584

Solutions

Chapter
Section Mathematical Excursions (MindTap C...

4th Edition
Richard N. Aufmann + 3 others
ISBN: 9781305965584
Textbook Problem

Car Payments The monthly car payment on a 60 -month car loan at a 5 % rate is calculated by using the formula P = 0.018417 L , where P is the monthly car payment and L is the loan amount. Use this formula for Exercises 42 and 43.If the maximum monthly car payment you can afford is $350 , what is the maximum loan amount you can afford? Round to the nearest cent. To determine To solve : If the maximum monthly car payment you can afford is$350, what is the maximum loan amount you can afford? Round to the nearest cent.

Explanation

Given information : monthly car payment on a 60-month car loan at a 5% rate is calculated by using the formula P=0.018417L where P is the monthly car payment and L is the loan amount. Use this formula.

Calculation: The given equation is P=0.018417L .

We can afford the monthly car payment of $350. So we substitute P=$350 in P=0.018417L

350=0

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