Arnold has determined that he can afford a monthly payment of $325 for a car. If he can obtain a 4 year car loan at an annual interest rate of 3.1%, what is the maximum amount (in dollars) he can finance? Round your answer to the nearest cent. 

After deciding to acquire a new car, you realize you can either lease the car or purchase it with a two-year loan. The car you want costs $34,000. The dealer has a leasing arrangement where you pay $97 today and $497 per month for the next two years. If you purchase the car, you will pay it off in monthly payments over the next two years at an APR of 6 percent. You believe that you will be able to sell the car for $22,000 in two years.   What is the present value of purchasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)   Present value of lease $   What is the present value of leasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)   Present value of purchase $   What break-even resale price in two years would make you indifferent between buying and leasing? (Do not round intermediate calculations and round your answer to 2…

Kat is looking to but her first car. She has figured that she can afford to make up to a $388 monthly payment to the bank for a car loan. She plans to pay off the car loan in 5 years and the bank is willing to give her a 6% interest rate, compounded monthly.  What is the maximum amount she can borrow to purchase a car? (How expensive of a car can she afford) Round to the dollar $

Todd is able to pay $360 a month for 6 years to finance a car purchase.  a. If the interest rate is 6 percent compounded monthly, how much can Todd afford to borrow to buy a car?  b. What is the effective annual rate of Todd's loan?