Kat is looking to but her first car. She has figured that she can afford to make up to a $248 monthly payment to the bank for a car loan. She plans to pay off the car loan in 5 years and the bank is willing to give her a 6% interest rate, compounded monthly. What is the maximum amount she can borrow to purchase a car? (How expensive of a car can she afford) Round to the dollar $

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Q: Suppose you want to have $400,000 for retirement in 25 years. Your account earns 9% interest. How…

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Q: Sam borrows $28 000 to buy a new car at a flat interest rate of 9% per annum over 3 years. How much…

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Q: Brad decides to purchase a $205,000 house. He wants to finance the entire balance. He has received…

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Q: Mr. John borrows money from a friend with simple interest of 12%, find the present worth of $25,000…

A: If the interest is simple, then the formula used is A=P(1+rt), where A is the final amount, P is the…

Q: Lynn needs to borrow $5500 for cosmetic surgery. She obtains a loan from her grandmother for 48…

A: Given: Lynn borrows a loan for cosmetic surgery of $5500 at simple interest rate 7.3% for 48 months.

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Q: Matt bought a boat for $15,000. This is a simple interest loan at 5.5% for 10 years. What is the…

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Q: The Habers purchase a $6500 living room set and take out a two-year loan for the entire amount at…

A: given  principal P=$6500 interest rate i=26% i=2612 =2.1666% =0.021667 time t=2 years number of…

Q: Carlos takes out a loan for $10,300, at 8% ordinary interest. If the amount of interest is $329.60,…

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Q: Wayne Pinski wishes to buy a stove and a refrigerator from an appliance dealer. The cost of the two…

A: Consider that the combined price of the two items is, $2800 down payment is  $700 Therefore, the…

Q: Jose has $4,800 to invest in a saving account. He receives a steady interest rate of 3.35% compunded…

A: Given Jose has $4800 to invest in a saving account . he receives a steady rate of 3.35% compounded…

Q: Hector's second option for purchasing his $24,000 car is a loan with 4.5% interest over four years.…

A: Hector purchasing his car is a loan with  interest over four years.The aim is to find out how much…

Q: You buy a car for$12000 on simple interest at 6% for 5 years. You will be financing the car plus…

A: You buy a car for$12000 on simple interest at 6% for 5 years. You will be financing the car plus…

Q: Kachina Caron invested $1800 in a simple interest account and earned $36 in 3 months, what is the…

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Q: Joaquin pawns his favorite watch for a loan of​ $120. After 30​ days, he buys his watch back for​…

A: Given P = $120, A = $140 and T = 30.

Q: If you make $400 in simple interest on an investment at 8% for 5 years, what is the amount of the…

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Q: Ellen is looking to purchase a car.  She determines that she can afford a monthly payment of $325.…

A: To determine the cost of car that Marie can afford.