Phil can afford $200 a month for 5 years for a car loan. if the interest rate is 7.5 percent, how much can he afford to borrow to purchase a car?

$24,952.65

Step-by-step explanation:

Phil can afford $200 a month for 5 years for a car loan. if the interest rate is 7.5 percent.

Loan formula:

where,

P is loan amount, P=?

E is monthly payment, E=$500

n is payment mode, n=12

t is time, t=5 years

r is rate of interest, r = 0.075

Substitute the value into formula and solve for P

Hence, Phil can borrow to purchase a car be $24,952.65

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step-by-step explanation:

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