enrique needs our help again. He has 310 dollars he can afford to put towards a new car each month. he wants to be done in 5 years.
a. if he were to be approved for loan at 8% apr compounded monthly, what would the size loan granted to him be? what is he were approved for 3% compounded monthly?
b. one of your values should be higher then the other. Explain why it makes sense that your higher loan value paired with the apr that produced it makes sense?