Dollar James
James wants to take out a loan. Suppose he can afford to make monthly payments of 500 dollars and the bank cha?
James wants to take out a loan. Suppose he can afford to make monthly payments of 500 dollars and the bank charges interest at an annual rate of 6 percent, compounded monthly.
What is the maximum amount that James could afford to borrow if the loan is to be paid off eventually?
(Give your answer, in dollars, correct to the nearest dollar.)
For the loan to be paid of evenutally the monthly interest must be less than the monthly payment – this means that some of the principal (the original amount borrowed) is paid off each month.
Assuming the simplest statement of the interest rate 6% per annum is equivalent to 0.5 % per month.
loan amount must be less than 500 /0.5 % i.e. ($500 x 100) / 0.5 which is $100,000
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