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How much you can borrow without increasing monthly payment

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Reference no: EM131613521

Question: Figure is a contour diagram of the monthly payment on a 5-year car loan as a function of the interest rate and the amount you borrow. The interest rate is 13% and you borrow $6000 for a used car.

(a) What is your monthly payment?

(b) If interest rates drop to 11%, how much more can you borrow without increasing your monthly payment?

(c) Make a table of how much you can borrow, without increasing your monthly payment, as a function of the interest.

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Reference no: EM131613521

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