Chase plans to buy a new car and determines he can budget $725 monthly for four years. His bank is offering an 8 25% annual interest rate What is the maximum loan he can afford to stay in his budget? Use the formula, A = (p[(1 + r/n) ^ m - 1])/(1/n * (1 + r/n) ^ N) , where Pis the monthly payment, the annual interest rate, nis the number of times interest is compounded in one year and is the number of years.

$29555.20

Step-by-step explanation:

Given that:

P = $725

r = 8.25% = 0.0825

n = 12

t = 4 years

From the given formula:

A = $29555.20

x > 1.3

step by step:

8.5−0.9x> 9.8−1.9x

step 1: simplify both sides of the inequality.

−0.9x+8.5> −1.9x+9.8

step 2: add 1.9x to both sides.

−0.9x+8.5+1.9x> −1.9x+9.8+1.9x

1x+8.5> 9.8

step 3: subtract 8.5 from both sides.

1x+8.5−8.5> 9.8−8.5

1x> 1.3

step 4: divide both sides by 1.

1x/1 > 1.3/1