What is the most expensive car you can afford

Reference no: EM133615895

Problem: You want to buy a new car, but you can make an initial payment of only $3,100 and can afford monthly payments at most $565 for 60 months. You recently checked your credit score and are between great and good credit. The interest for great credit is 6.44%, and the Good credit interest rate is 8.99%. What is the most expensive car you can afford? If you were to prepay the car loan, how does that affect the amount of interest you pay over time?

Reference no: EM133615895

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