document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1041193>Question 1041193</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Consumer Debt\r<BR>\n" );
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document.write( "11.  Suppose you want to buy a car.  The dealer offers a financial package consisting of 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 you should finance?  Give your answer to the nearest dollar.<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #656172 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=656172\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 5*12 = 60 5 years equals 60 months. And you make a monthly payment of $320:<BR>\n" );
document.write( "320*60 = 19,200<BR>\n" );
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document.write( "PV = 19,200/[(1+(0.06/12))^(12*5)] = 14,234.35 is what you should finance </SPAN>\n" );
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