What is the maximum amount you can afford to pay for the car if the interest rate is 8.6% and you want to finance the loan over 5 years? An amount of $5000 is borrowed for 15 months at an interest rat...What is the maximum amount you can afford to pay for the car if the interest rate is 8.6% and you want to finance the loan over 5 years? An amount of $5000 is borrowed for 15 months at an interest rate of 9%. Find the monthly payment and construct an amortization schedule showing the monthly payment, the monthly interest on the outstanding balance, the amount of payment contributing towards debt, and the outstanding debt.
