Question 1200938
he can get a loan for as much as 13,181.89.
with 7,000 he received for selling his old car to the dealer, he can afford a car that costs as much as 20,181.89.



the calculations to find the present value of the monthly payments at the end of each month for 48 months is shown below:


<img src = "http://theo.x10hosting.com/2023/050304.jpg">


calculator used is at <a href = "https://arachnoid.com/finance/" target = "_blank">https://arachnoid.com/finance/</a>


payments are made at the end of each month.
interest rate per month is equal to 4.4% / 12 = .36666...%
payments are negative becauwe it's money going out.
present value of payment is positive becuase it's money coming in.