document.write( "Question 884495: Suppose that Alicia wants to buy a car. The dealer offers a financing package consisting of a 6% APR compounded monthly for a term of five years. Suppose that you want your monthly payments to be at most $320. What is the maximum amount that you should finance? Round your answer to the nearest dollar. \n" ); document.write( "
Algebra.Com's Answer #534362 by Theo(13342)\"\" \"About 
You can put this solution on YOUR website!
the present value of monthly payments of 320 at 6% apr for 5 years is equal to 16552.17944.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "that's the most that she should finance if she doesn't want her payments to be greater than $320 per month.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "i used a financial calculator to figure out the amount.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "entries were:\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "number of time periods = 12 * 5 = 60
\n" ); document.write( "monthly interest rate = .06/12 = .005
\n" ); document.write( "monthly payment = $320.
\n" ); document.write( "solve for present value of a payment.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "if you need the formulas, let me know and i'll get them for you.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "you can also use an online calculator which i'll send you the link for if you need it.\r
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( " \n" ); document.write( "
\n" );