Concept explainers
Round all answers to two decimal places unless otherwise indicated.
Note Some of the formulas below use the special number
17. How Much Can I Borrow? The function in Example 1.2 can be rearranged to show the amount of money
Suppose you can afford to pay $350 per month for 4 years.
a. How much money can you afford to borrow for the purchase of a car if the prevailing monthly interest rate is 0.75%? (That is a 9% APR.) Express the answer in functional notation, and then calculate it.
b. Suppose your car dealer can arrange a special monthly interest rate of 0.25% (or a 3% APR). How much can you afford to borrow now?
c. Even at a 3% APR, you find yourself looking at a car you can't afford, and you consider extending the period during which you are willing to make payments to 5 years. How much can you afford to borrow under these conditions?
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Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
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