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Phil can afford $240 a month for five years for a car loan. If the interest rate is 8. 5 percent, how much can he afford to borrow to purchase a car?.

Respuesta :

Unmet expectations, broken or damaged goods, and inappropriate health are the three most frequent reasons for purchase returns. Any of those problems can be the consequence of mistakes made by the service provider or uncontrollable circumstances outside the merchant's control.

Can he afford to borrow $11,697.88 to buy a car

How do interest rates work?

Unmet expectations, broken or damaged goods, and inappropriate health are the three most frequent reasons for purchase returns.

Any of those problems can be the consequence of mistakes made by the service provider or uncontrollable circumstances outside the merchant's control.

A return and refund policy establishes the circumstances in which customers may return things they

Arguments in a function PV Rate 8.5%/12 = 0.007083333 Nper 5*12 = 60 Pmt -240 = -240 Fv = number.

Number = 11697.88383

in type returns the investment's present value, which is the sum of the current value of a series of future payments.

Payment at the beginning of the period equals 1, and payment at the conclusion of the period equals 0 or omitted.

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