What is the maximum price he can pay for the car

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Reference no: EM131354628

1. A $45,000 new car loan is taken out with the terms 9 % APR for 48 months. How much are monthly payments on this loan?

A) 1,231.81

B) 1,119.83

C) 1455.77

D) 1,343.79

2. Matthew wants to take out a loan to buy a car. He calculates that he can make repayments of $5,300 per year. If he can get a six-year loan with an interest rate of 7.5%, what is the maximum price he can pay for the car?

a) 34,828

b) 29,852

c) 24,877

d) 39,803

Reference no: EM131354628

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