Some lending institutions calculate the monthly payment M on a loan of L dollars at an interest rate r (expressed as a decimal) by using the formula: ![Some lending institutions calculate the monthly payment M on a loan of L dollars at an interest rate r (expressed as a decimal) by using the formula: where k = [1 + ( r / 12 ) ]<sup> 12</sup><sup>t</sup><sup> </sup> and t is the number of years that the loan is in effect. An automobile dealer offers customers no-down-payment 4-year loans at an interest rate of 15%. If a customer can afford to pay $229 per month, find the price of the most expensive car that can be purchased. A) $ 8,238.33 B) $ 8,237.12 C) $ 8,228.31 D) $ 8,233.95 E) $ 8,217.96](https://d2lvgg3v3hfg70.cloudfront.net/TB8634/11eb7cb3_b023_5dc4_acd2_cf5cd21a1acd_TB8634_11.jpg)
where k = [1 + ( r / 12 ) ] 12t and t is the number of years that the loan is in effect. An automobile dealer offers customers no-down-payment 4-year loans at an interest rate of 15%. If a customer can afford to pay $229 per month, find the price of the most expensive car that can be purchased.
A) $ 8,238.33
B) $ 8,237.12
C) $ 8,228.31
D) $ 8,233.95
E) $ 8,217.96
Correct Answer:
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