8.) Louis would like to buy a used car. He has saved up $4,000 for a down payment, and he thinks he will be able to take out a loan at the rate of 6% per year compounded monthly, and can afford to make monthly payments of $300/month for 48 months. What is the highest price Louis could afford to pay for a used car?

FORMULA SHEET 1, SIMPLE INTEREST A = P . (1 + rt) 2. COMPOUND INTEREST A =P . (1+5)" FUTURE VALUE and PRESENT VALUE for SINGLE DEPOSIT 3, FV = PV . (1 +!)" 4. PV = FV . ( 1 + [)-it 5 . EFFECTIVE RATE or EFFECTIVE YIELD APY = few = (1 + ")"-1 FUTURE VALUE OF ORDINARY ANNUITY & MONTHLY PAYMENT G. FV= A (1 +:) -1 7. A = FV(r) (r) (1 +[)"-1 PRESENT VALUE OF ORDINARY ANNUITY & MONTHLY PAYMENT 8, PV = A - 1 - (1 + 5) PV(r) ( r) 9. A = 1 - (1 + -) -nt P.S: Use formulas just from these sheet and type which formula did you used. DO NOT USE ANY OTHER FORMULA. Because we have to show our work and results only through these formulas. Thank you