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What is the most expensive car can buy

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Problem 1: José López has $ 15,000 in a 6-year certificate of deposit (CD) that pays a guaranteed annual rate of 4%. Create timeline that shows when the cash flows will occur.

Problem 2: Oliver López deposits $ 12,000 in a bank account that pays 7% annual interest. Calculate the account balance after 5 years.

Problem 3: Carmen Hernández has saved $ 8,000 for a car deposit. The highest monthly payment you can afford is $ 455. The loan will have an APR of 11% due at the end of each month. Determine what is the most expensive car you can buy if you buy it on credit payable in 60 months.

Reference no: EM132837398

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