When the engine falls out of Rhonda's old car, it's time to shop for something newer. She is hoping to keep her monthly payment at $140, and a loan will be

5.3% simple interest for 48 months.

Part: 0/2

Part 1 of 2

(a) If Rhonda plans to make a down payment of $1000 and finance her car for 48 months, what's the price of the most expensive car she can afford?

(Hint let x = the price of the car and use the formulas for fixed installment loans and the simple interest formula to set up an equation.) Round the

answer to the nearest cent.

The most expensive car that Rhonda can afford is $

X

13

5

Espald

80