Al Flynn wants to buy a used van that costs $16,000 with an interest charge of $2,000. Al figures he can afford a monthly payment of $700 per month. If there are 24 equal payments required, can Al afford the van? Show your work.

Question

Quizplus · Accepted Answer

No, Al cannot afford the van, which costs $50 per month too much.
Add the amount borrowed and the interest charge and divide that total by 24. Determine if that amount is less than $700

Al Flynn Wants to Buy a Used Van That Costs