The price of the car one can afford with $800 in monthly payments and interest rates of 7% APR is $25,909.17.
Here, we are going to employ the PV function in Ms Excel to allow us derive the price.
Given Information
I/Y = 7%/12
N = 3*12 = 36
PMT = 800
The price = PV(PMT, I/Y, N)
The price = PV(800, 7%/12, 36)
The price = $25,909.17
In conclusion, the Option A. is correct because the price of the car one can afford with $800 in monthly payments and interest rates of 7% APR is $25,909.17.
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