Question

Edward wants to purchase a car. He reviewed his budget and can comfortably afford a car payment of $355 per month. He has good credit and anticipated being able to secure a 5-year loan at 3% interest. What is the maximum cost he should pay for a car to stay within his budgeted monthly amount

Answer 1

Based on the amount that Edward can pay per month, the maximum cost he should pay is $21,300.

What should Edward's car cost at maximum?

The maximum amount that Edward can spend i:

= Month payment x Number of years x Number of months in year

Solving gives:

= 355 x 5 x 12

= $21,300

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