How much is the car that can afford

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Problem 1: Suppose you invest $10,000 with an interest rate at 6%, what is the principal payment after one year?

a) $600

b) $1,000

c) $10,600

d) $10,000

Problem 2: You are applying for auto loans where the local bank charges you an APR of 3.5% compounded monthly. Based on your income, the maximum amount you can pay is $550 per month for 4 years, where the payment is scheduled at the end of the month. How much is the car that you can afford?

a) $24,601.90

b) $14,156.80

c) $26,540.30

d) $21,240.17

Reference no: EM132904696

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