SOLUTION: please need help for this question You can afford a $450 per month car payment. You've found a 4 year loan at 6% interest. How big of a loan can you afford? Round your answer

Algebra ->  Equations -> SOLUTION: please need help for this question You can afford a $450 per month car payment. You've found a 4 year loan at 6% interest. How big of a loan can you afford? Round your answer      Log On


   

Question 1131200: please need help for this question
You can afford a $450 per month car payment. You've found a 4 year loan at 6% interest. How big of a loan can you afford?
Round your answer to the nearest cent.
$
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
PV=P(1-(1+(r/n))^(-nt))/(r/n); (r/n)=.06/12=0.005
=450(1-1.005^(-48)/.005
=$19,161.14