document.write( "Question 1149592: You can afford a $350 per month car payment. You've found a 3 year loan at 7.2% interest. How big of a loan can you afford? \n" ); document.write( "

Algebra.Com's Answer #770926 by josmiceli(19441) $\"\"$ $\"About$

You can put this solution on YOUR website!
Simple Interest:
\n" ); document.write( " $\"+I+=+P%2Ar%2At+\"$
\n" ); document.write( "You are given:
\n" ); document.write( " $\"+I+%2B+P+=+350%2A12%2A3+\"$
\n" ); document.write( " $\"+I+%2B+P+=+12600+\"$
\n" ); document.write( " $\"+I+=+12600+-+P+\"$
\n" ); document.write( "---------------------
\n" ); document.write( " $\"+12600+-+P+=+P%2Ar%2At+\"$
\n" ); document.write( " $\"+12600+-+P+=+P%2A.072%2A3+\"$
\n" ); document.write( " $\"+12600+-+P+=+.216P+\"$
\n" ); document.write( " $\"+1.216P+=+12600+\"$
\n" ); document.write( " $\"+P+=+10361.84+\"$
\n" ); document.write( "The loan can be as big as $10,361.84
\n" ); document.write( "------------------------------------------
\n" ); document.write( "check:
\n" ); document.write( " $\"+I+=+12600+-+10361.84+\"$
\n" ); document.write( " $\"+I+=+2238.16+\"$
\n" ); document.write( "and
\n" ); document.write( " $\"+I+=+P%2Ar%2At+\"$
\n" ); document.write( " $\"+2238.16+=+10361.84%2A.072%2A3+\"$
\n" ); document.write( " $\"+2238.16+=+10361.84%2A.216+\"$
\n" ); document.write( " $\"+2238.16+=+2238.16+\"$
\n" ); document.write( "OK
\n" ); document.write( "Get a 2nd opinion if needed
\n" ); document.write( " \n" ); document.write( "

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