Question

You can get a car loan with a term of three years at an APR of 5%. If you can afford a monthly payment of $450, how much can you borrow?

Answer 1

Set this equation up as follows:
(5% * 3 * x)/ 12 = 450

This says that some amount of money multiplied by 5% 3 times and all divided by 12 months will get you $450 per month..

Answer 2

You know how to solve for x from here?