If interest rates are 6 percent per year apr what price of, Financial Management

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If interest rates are 6 percent per year apr what price of

You are looking to buy a car. You can afford $500 in monthly payments for three years. In addition to the loan, you can make a $1000 down payment. If interest rates are 6 percent per year (APR), what price of car can you afford? (Hint: Find the loan value (PV) of the monthly payments and add the down payment).

Must show formula and steps.

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Financial Management: If interest rates are 6 percent per year apr what price of

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