Steve can afford a $330 per month car payment. if he is being offered a 6 year car loan with an apr of 1.2%, compound monthly, what is the value of the most expensive car he can afford?

The value of most expensive car he can afford is $ 22913.757.

Step-by-step explanation:

Since, the periodic payment of a loan is,

Where, P.V. is the presents value of the loan,

r is the rate per period,

n is the number of periods,

Here, Monthly payment, P = $ 330,

⇒ The loan is compound monthly,

Thus, if the time = 6 years,

The number of periods, n = 6 × 12 = 72 months, ( 1 year = 12 months ),

Also, the A.P.R = 1.2 % = 0.012

So, the rate per periods,

By substituting the values,

Hence, the value of most expensive car he can afford is $ 22913.757.

step-by-step explanation:

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