After carefully going over your budget, you have determined you can afford to pay $632 per month (at the end of each month) toward a new sports car. You call up your local bank and find out that the going rate is 1% per month for 48 months. How much can you borrow? To determine how much you can borrow, we need to calculate the present value of $632 per month for 48 months at 1% per month