Mathematics, 27.02.2021 19:20, slippedsumo

Financial institutions often offer lower auto loan rates for new cars than used ones. A local credit union advertises new car loans at 2.79% APR and used car loans at 3.29% both for up to 72 months. Tyresa wants to buy a car but doesn't want to spend more than $350 a month for a maximum of four years. What is the maximum loan amount she can take out for a new car and a used car using the advertised rates? Use the formula, A=P[(1+rn)nt−1]rn(1+rn)nt where P is the monthly payment, r is the annual interest rate, n is the number times interest is compounded in one year, and t is the number of years. Show all of your steps.

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Financial institutions often offer lower auto loan rates for new cars than used ones. A local credit...