Mathematics, 04.03.2020 01:19 bankskry

Chase plans to buy a new car and determines he can budget $725 monthly for four years. His bank is
offering an 8.25% annual interest rate. What is the maximum loan he can afford to stay in his budget?
Use the formula, A – P/(1+) -11
, where P is the month payment, r is the annual interest rate, n is
the nur
the number of times interest is compounded in one year, and t is the number of years.
O A. $26,000.50
B. $29,555.50
C. $37.425.75
O
D. $52,500.00

Answers: 3

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Chase plans to buy a new car and determines he can budget $725 monthly for four years. His bank is