How do I solve this question? The monthly car payment on a 60-month car loan at

Question

How do I solve this question? The monthly car payment on a 60-month car loan at 9 percentrate is calculated by using the formula P=0.02076L, where P is themonthly car payment and L is the loan amount. So, if the maximum monthly car payment you can afford is $350,what is the maximum loan amount you can afford? Round to thenearest cent. How do I figure this out? How do I solve this question? The monthly car payment on a 60-month car loan at 9 percentrate is calculated by using the formula P=0.02076L, where P is themonthly car payment and L is the loan amount. So, if the maximum monthly car payment you can afford is $350,what is the maximum loan amount you can afford? Round to thenearest cent. How do I figure this out?

Explanation / Answer

P=0.02076L if the max monthly payment you can afford is 350, then 350 = 0.02076 L L = 16859.34

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