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You look at your budget and decide that you can afford 210 per month for...

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Basic Math

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You look at your budget and decide that you can afford 210 per month for a car Assume that the interest rate on a car loan is 4 and you want to repay the lo in 7 years Identify the following for the car loan where m is the periodic payment in dollars r is the annual interest rate as a decimal n is the number of payments per year and t is the time in years m 210 r 0 04 n t 7 What is the maximum loan you can afford Round your answer to the nearest cent 15363 45

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