SOLUTION: You can afford a $350 per month car payment. You've found a 5 year loan at 4% interest. How big of a loan can you afford?

SOLUTION: You can afford a $350 per month car payment. You've found a 5 year loan at 4% interest. How big of a loan can you afford?

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Question 1111527: You can afford a $350 per month car payment. You've found a 5 year loan at 4% interest. How big of a loan can you afford?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Simple interest:

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This is interest + principle

You can afford a $17,500 loan
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check:

and

OK
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