You ve been shopping for a van. You have $5000 to use as a down payment, and you ve been working…

You ve been shopping for a van. You have $5000 to use as a down payment, and you ve been working with your bank to get the best financing rate possible. The bank recently quoted you an APR of 3.99% for 72 months, but they will only agree to finance you if your car payment does not exceed $350 per month. You recently found a nice used van with low miles, and you ve negotiated the seller down to $27,500. Using your down payment and line of credit from the bank, can you afford the truck? Show all calculations and explain.

 

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