Matthew wants to take out a loan to buy a car. He calculates that he can make repayments of $ 3 comma 500 per year. If he can get a five-year loan with an interest rate of 7.9%, what is the maximum price he can pay for the car?

the maximum price (future amount) he could pay is

“$4,882.5“

Explanation:

The question above can be calculated using simple interest formula with amount ;

A = p + prt

A = p (1 + rt)

From above question, variables given are:

principal 'p' = $3,500

time 't' = 5years

interest rate = 7.9% = 0.079

A = p(1 + rt)

A= 3500[1 + 0.079(5)]

A = 3500 [ 1 + 0.395]

A = 3500 ( 1.395)

A = $4,882.5

Approximated to $4,883 as a whole figure.

This is the maximum amount he could pay after 5 years.

disadvantages of leasing a vehicle: no vehicle equity and mileage limitations

disadvantages of purchasing a vehicle: large down payment and vehicle depreciation

#plato4lyfe

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi