How much loan can afford to raise

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Problem 1: Assumed your bank give you the following quote for your loan: APR=2.4%, compounded monthly. If you can afford to pay $20000 of monthly payment for your loan for 30 years, starting 1 month from now. If you try to figure how much loan you can afford to raise, which of the following Excel formula can help you solve your problem?

A) = PV(0.024, 30, -20000, 0, 0)
B) = PV(0.024, 30, -20000, 0, 0)
C) =PV(0.002, 360, -20000, 0, 0)
D) =FV(0.002, 360, -20000, 0, 0)
E) = PV(0.002, 360, -20000, 0, 1)

Reference no: EM132776296

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