Dean is planning to purchase a new NissanAltimawhich costs$26,865.He has saved up $3,200 to put toward it.He is thinking about getting a loan for it from his credit union, but he could also keep driving his beat-up old car for a while longer and save up cash for the new one.

Possibility One: A Loan

Dean qualifies for a 5-year loan from his credit union with a 6.4% APR.If he uses the $3,200 as a down payment, he will be making an 11.91% down payment and his car loan will be for the remaining $23,665.Using the PMT formula we find that his monthly payment will be $461.93.Considering all the monthly payments and the down payment, what will be the total amount that he pays for the car if he gets the loan?