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Joanne Krol wants to purchase a newer model automobile to replace her rusty 1989 car.
The bank where Joanne has a checking account, US Bank, is advertising an annual interest
rate of 6.75 percent for a three-year loan on used cars. By selling her old car and using
some cash she has accumulated, Joanne has $3,000 available as a down payment. Under
her current budget, Joanne figures that the maximum monthly loan payment she can afford
is $300. She wants to find out the maximum car price she can afford and keep the monthly
payment no higher than $300. She cannot alter the interest rate or the three-year term. Use
the Excel Goal Seek command to figure out the highest purchase price Joanne can afford.