What is the largest amount which can be borrowed over three years at 4.5% APR if the largest affordable monthly payment is $279? (Round to the nearest ten dollars.)

$12.5 dollars

Step-by-step explanation:

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explanation:

the loan estimate encourages consumers to shop. since it is the lenders who are required to issue a standardized loan estimate in a specific time frame, this way consumers are provided an opportunity to compare lenders and their products. otherwise consumer wouldn't know the benefits offered by other lenders.  

if a loan originator does not provide a loan estimate within 3 business days of receiving a completed loan application, that lender is in violation. lenders are required to issue a loan estimate within 3 days of applying for a loan or within 7 days prior to closing. having a loan estimate has following information.

not having loan estimate won't give you an idea of money to be borrowed.

you get to know your interest rates.

you also get to know if your interest rate can or may vary.

not having a good faith estimate can keep you unaware of aforementioned points.

8.75

how-to:

first, we need to find what we have to work with.

since i know that we have 7 (years) and 0.8 (inches), we can use these to solve and find the equation!

secondly, what you want to do, is see that we need to know how much growth out of the 0.8 inches he got in only 1 year, instead of 7 years.

let's try to divide.

7 ÷ 0.8 = 8.75