Multiple Choice
You can afford to make monthly payments of $400 for 60 months to buy a new car. Assuming you can borrow at 6% per year interest, how would you figure out how much money you can borrow?
A) Ask your dad
B) Use present value of an annuity calculation
C) Use future value of annuity calculation
D) Not enough information given to determine answer
Correct Answer:
Verified
Correct Answer:
Verified
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