Let's assume after looking at your budget you determine you can afford as much as $300 per month for your car. After doing your research you found out that the local credit union will let you get a car loan for as low as 5%. You determine, based on your goals, that you would like the car to be paid off in four years or less. With this information how much car can you afford?
A) $13,026.89
B) $1,067.09
C) $10,987.65
D) $45,451.09
E) $21,691.21
A) $13,026.89
Explanation: N - 4*12
I/Y - 5/12
PMT - -300.00
Cpt PV
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