Matthew wants to take out a loan to buy a car. He calculates that he can make repayments of $4 000 per year. If he can get a five-year loan with an interest rate of 7.5%, what is the maximum price he can pay for the car?
A)$20 324
B)$21 674
C)$18 243
D)$16 184

Question

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The Answer of Matthew wants to take out a loan to buy a car. He calculates that he can make repayments of $4 000 per year. If he can get a five-year loan with an interest rate of 7.5%, what is the maximum price he can pay for the car?
A)$20 324
B)$21 674
C)$18 243
D)$16 184

Matthew Wants to Take Out a Loan to Buy a Car