What is the highest APR that you could afford

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Reference no: EM131976697

1. You will receive 27 annual payments of $22,500. The first payment will be received 7 years from today and the interest rate is 5.1 percent. What is the value of the payments today?

$228,447.53

$359,870.96

$249,948.47

$230,148.07

$241,885.62

2. You want to purchase a new motorcycle that costs $30,600. The most you can pay each month is $630 over the life of the 60-month loan. What is the highest APR that you could afford?

7.98%

9.88%

8.65%

8.90%

7.48%

Reference no: EM131976697

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