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What is the greatest amount you can borrow

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a) Assume that you want to buy a new car and your credit score is 650; the interest rate you are offered is 10.50% APR, with monthly payments for 6 years. You can afford a payment of $475 per month. What is the greatest amount you can borrow?

b) Your friend can also afford $475 per month for six years. Their credit score however is 725; and at that score, they are offered an APR of 3.72%. What is the greatest amount that your friend can borrow?

Reference no: EM133043841

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