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Can robert afford to make the payments

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Reference no: EM132941055

Question 1: What is the present value of a $2,000 payment made every year forever when interest rates are 5 percent?

Question 2: A loan is offered with monthly payments and 18 percent APR. What is the loan's effective annual rate (EAR)?

Question 3: Robert wants to buy a car for $15,000 car. The bank will provide terms of 4 years at 8%. Robert can afford a payment of up to $400 per month. Based on these terms, can Robert afford to make the payments? Explain your answer.

Reference no: EM132941055

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