Statistics Solutions

[Steps Shown] Candice receives interest payments of $275 each month from her investments. She decides to use the money to purchase a new car. If she can

Question: Candice receives interest payments of $275 each month from her investments. She decides to use the money to purchase a new car.

  1. If she can secure financing at 7% interest over 5 years, how much can she afford to borrow to purchase the new car?
  2. If the car she wants to purchase will cost $18,500, how much will she need in down payment in order to purchase the car with the loan from part (a)?
  3. Candice does not have enough money for the down payment. She decides to deposit her monthly interest payments in an account that pays 8% interest compounded monthly. How long will it take her to save up the money needed for the down payment?

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