document.write( "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? \n" ); document.write( "

Algebra.Com's Answer #726543 by josmiceli(19441) $\"\"$ $\"About$

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Simple interest:
\n" ); document.write( " $\"+I+=+P%2Ar%2At+\"$
\n" ); document.write( " $\"+I+=+P%2A.04%2A5+\"$
\n" ); document.write( " $\"+I+=+.2P+\"$
\n" ); document.write( "------------------
\n" ); document.write( " $\"+350%2A12%2A5+=+21000+\"$
\n" ); document.write( "This is interest + principle
\n" ); document.write( " $\"+I+%2B+P+=+21000+\"$
\n" ); document.write( " $\"+.2P+%2B+P+=+21000+\"$
\n" ); document.write( " $\"+1.2P+=+21000+\"$
\n" ); document.write( " $\"+P+=+17%2C500+\"$
\n" ); document.write( "You can afford a $17,500 loan
\n" ); document.write( "-----------------------------
\n" ); document.write( "check:
\n" ); document.write( " $\"+I+=+.2P+\"$
\n" ); document.write( " $\"+I+=+.2%2A17500+\"$
\n" ); document.write( " $\"+I+=+3500+\"$
\n" ); document.write( "and
\n" ); document.write( " $\"+I+=+P%2Ar%2At+\"$
\n" ); document.write( " $\"+3500+=+17500%2A.04%2A5+\"$
\n" ); document.write( " $\"+3500+=+17500%2A.2+\"$
\n" ); document.write( " $\"+3500+=+3500+\"$
\n" ); document.write( "OK \n" ); document.write( "

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