PV AND LOAN ELIGIBILITY You have saved $5,000 for a down payment on a new car....

PV AND LOAN ELIGIBILITY You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $300. The loan will have a 12% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the most expensive car you can afford if you finance it for 60 months? Do not round intermediate calculations. Round your answer to the nearest cent.

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Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

Cell reference -

Hope this will help, please do comment if you need any further explanation. Your feedback would be appreciated.

jeff jeffy answered 3 weeks ago

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