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daisy wants to purchase a car she secures an auto loan at 4 5 annual interest her budget allows her to pay about 450 a mon

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Daisy wants to purchase a car. She secures an auto loan at 4.5% annual interest. Her budget allows her to pay about $450 a month over the next 3 years. What price auto can she afford?

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Answer to a math question Daisy wants to purchase a car. She secures an auto loan at 4.5% annual interest. Her budget allows her to pay about $450 a month over the next 3 years. What price auto can she afford?

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75 Answers

1. Identify the monthly payment, interest rate, and loan period:

R = 450

r = \frac{4.5}{100 \times 12} = 0.00375

n = 3 \times 12 = 36

2. Apply the loan payment formula for the present value:

P = \frac{R (1 - (1 + r)^{-n})}{r} = \frac{450 (1 - (1 + 0.00375)^{-36})}{0.00375}

Therefore, the price of the auto Daisy can afford is:

P=15127.61

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