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Dan is contemplating trading in his car for a new one. He can afford a monthly payment of at most $ 5 0 0 .

Dan is contemplating trading in his car for a new one. He can afford a monthly payment of at most $500. If the prevailing interest rate is 3.8%/year compounded monthly for a 48-month loan, what is the most expensive car that Dan can afford, assuming that he will receive $6000 for his trade-in?(Round your answer to the nearest cent.)

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