Compound interest

Foriegn2math

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Mar 1, 2022
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Question > You want to buy a new car. You can afford payments of $425 per month and can borrow the money at an annual interest rate of 5.5% compounded monthly for 5 years how much are you able to borrow and how much interest do you pay?
 
Question > You want to buy a new car. You can afford payments of $425 per month and can borrow the money at an annual interest rate of 5.5% compounded monthly for 5 years how much are you able to borrow and how much interest do you pay?
Are you allowed to use a computer or just calculator ?

Please share your work / thoughts regarding this problem.
 
Question > You want to buy a new car. You can afford payments of $425 per month and can borrow the money at an annual interest rate of 5.5% compounded monthly for 5 years how much are you able to borrow and how much interest do you pay?
Suppose you had paid $425/month for 60 months → how much money you would have paid out?
 
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