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12 Nov 2019
or a car, you pay of the loan in ted than you might expect. If you borrow p dollars at a monthly interest rate of r (as a decimal) and wish to pay off the note in t months, then your monthly payment M M(prt) in dollars can be calculated using the following function (1.ã-! The above function can be rearranged to show the amount of money P PI(M, r, 1) as shown below, in dollars, that you can afford to borrow at a monthly interest rate of r (as a decimal) are able tãmake t m ly payments of Mdlars. a) How moh money can you afford to borrow for the chase of a car if the prevailing monthly interest rate is 0.75%? (That is 9% APR.) Express the answer in functional notation, and then calculate it. (Round your amount to two decimal places.) b) Suppose your car dealer can arrange a special monthly interest rate of 0.25% (or 3% APR). How much can you afford to borrow now? (Round your answer to two decimal c) (ven at )ãAPR you fnd yourself looking at a car you can't afford, and you consider extending the much can you afford to borrow under these conditions? (Round your answer to two decimal places.) period during which you are wiling to make payments to 4 years. How
or a car, you pay of the loan in ted than you might expect. If you borrow p dollars at a monthly interest rate of r (as a decimal) and wish to pay off the note in t months, then your monthly payment M M(prt) in dollars can be calculated using the following function (1.ã-! The above function can be rearranged to show the amount of money P PI(M, r, 1) as shown below, in dollars, that you can afford to borrow at a monthly interest rate of r (as a decimal) are able tãmake t m ly payments of Mdlars. a) How moh money can you afford to borrow for the chase of a car if the prevailing monthly interest rate is 0.75%? (That is 9% APR.) Express the answer in functional notation, and then calculate it. (Round your amount to two decimal places.) b) Suppose your car dealer can arrange a special monthly interest rate of 0.25% (or 3% APR). How much can you afford to borrow now? (Round your answer to two decimal c) (ven at )ãAPR you fnd yourself looking at a car you can't afford, and you consider extending the much can you afford to borrow under these conditions? (Round your answer to two decimal places.) period during which you are wiling to make payments to 4 years. How
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3 Mar 2023