This preview shows page 1. Sign up to view the full content.
Unformatted text preview: commas. Instructor’s Note: Refer to the actual Web page for this exercise to see the accompanying tables showing the calculator inputs for the answers below. 1. Can you meet your payment restriction and finance the amount required for the car? No, the payment exceeds your maximum target. The loan would require a payment of $430.46. 2. What is the maximum amount that you can borrow to meet your payment restriction if the loan is to be paid off in 5 years? The maximum that you can borrow is $19, 165.75. 3. Suppose that you are limited to paying $375 per month but you want to pay the loan off in 4 years and not 5 years. What is the maximum amount that you can borrow? The maximum that you can borrow is $16,124.54....
View
Full
Document
This note was uploaded on 09/13/2011 for the course FIN 6301 taught by Professor Elasmawanti during the Fall '09 term at University of Texas at Dallas, Richardson.
 Fall '09
 ELASMAWANTI

Click to edit the document details