if you could use pen and paper instead if excel so i can understand the math id appreciate it. Or show me what to type into financial calc

An alternative to the 20% rule is to evaluate your budget, determine a monthly payment that you can reasonably afford, and then incorporate that Information with the maturity and interest rate of a possible loan to determine the value of the potential loan. When this value is added to a saved amount of a down payment, you know the total amount that you can reasonably afford to spend on a new car. To review this process, consider the following case: Sean's Car-Buying Decisions Sean, who lives in San Francisco, is trying to decide between the following car models: Brand and Model Chevy Sonic Toyota Camry Ford Escape Hybrid Dodge 1500 Pickup Cost $14,255 17,950 30,570 37,590 He's currently accumulated a down payment of $2,000 and he has determined that he can afford maximum payments of $425 per month. His initial research on the current cost of auto loans has found that his lowest cost loan would be made by a savings and loan association and would require an interest rate of 6% for five years. and the most expensive car that he can Given this information, the maximum amount that Sean can afford to pay for his new car is afford to purchase, without stretching his budget, is: The Toyota Camry The Ford Escape Hybrid O. The Dodge 1500 Pickup The Chevy Sonic