SOLUTION: you can afford a $350.00 per month car payment. you can get a loan at 7% interest for 6 years. (hint: include the $ sign and round to the nearest cent. 2 decimal places after the d

Algebra ->  Logarithm Solvers, Trainers and Word Problems -> SOLUTION: you can afford a $350.00 per month car payment. you can get a loan at 7% interest for 6 years. (hint: include the $ sign and round to the nearest cent. 2 decimal places after the d      Log On


   

Question 1203925: you can afford a $350.00 per month car payment. you can get a loan at 7% interest for 6 years. (hint: include the $ sign and round to the nearest cent. 2 decimal places after the decimal point) A) how expensive of a car can you afford? i can afford a car that costs B) how much total money will you pay the loan company the total of all my payments will be include the dollar sign $ C)how much of that money is interest the amount of that money that is interest will be include the dollar sign $
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
you can afford a car that's $20,529.06.
the payment is $350 at the end of each month.
the length of the loan is 6 years * 12 = 72 months.
the interest per month is 7/12 = .58333333...% per month.
the time periods are in months because the yearly interest rate is compounded monthly.

here are the results from using the calculator at https://arachnoid.com/finance/



A)
how expensive of a car can you afford? i can afford a car that costs?

$20,529.06

B) how much total money will you pay the loan company the total of all my payments will be include the dollar sign $?

72 * $350 = total payments of $25,200.


C)how much of that money is interest the amount of that money that is interest will be include the dollar sign $

total interest payed = $25,200 minus $20,529.06 = $4,670.94

in the calculator, loan amount is present amount, shown as positive because it's money that you received, and monthly paymebnt is shown as negative because it's money that you spentt.