eBook

Problem Walk$-$Through

You have saved $$5,000$ for a down payment on a new car. The largest monthly payment you can afford is $$350.$ The loan will have a $6\%$ APR based on end$-$of$-$month

payments. What is the most expensive car you can afford if you finance it for $48$ months? For $60$ months? Do not round intermediate calculations. Round your answers to

the nearest cent.

Financed for $48$ months: $

Financed for $60$ months: $