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bill533:
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bill533:
@dude
bill533:
@SmokeyBrown
SmokeyBrown:
If I understand correctly, all we have to do is plug in the appropriate values to the equation given. P, the monthly payment, would be 350 since that's the maximum Tyresa wants to pay per month. n, the number of months, would be 48, since Tyresa will pay the loan for a maximum of 4 years. r would be 0.0279 and 0.0329 for the new and used car loans, respectively. Note that you'll have to calculate the equation once for the new car rate and once for the used car rate, and you'll get separate answers.
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