How much can they afford to borrow

Reference no: EM132000427

Question: Mike and Cindy are buying a new car, but they are on a budget. The think that they can afford to pay $494 per month for 5 years, based on an annual interest rate of 6.5 percent. How much can they afford to borrow, given this information? (Show your answer to the nearest dollar) The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM132000427

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