Joanne Krol wants to purchase a newer model automobile to replace her rusty 1989 car. The bank where Joanne has a checking account, US Bank, is advertising an annual interest rate of 6.75 percent for a three-year loan on used cars. By selling her old car and using some cash she has accumulated, Joanne has $3,000 available as a down payment. Under her current budget, Joanne figures that the maximum monthly loan payment she can afford is $300. She wants to find out the maximum car price she can afford and keep the monthly payment no higher than $300. She cannot alter the interest rate or the three-year term. Use the Excel Goal Seek command to figure out the highest purchase price Joanne can afford.

Purchase price	$10,000.00		Annual interest rate	6.75%
Down payment	$3,000.00		Term (years)	3
Loan amount	$7,000.00
Monthly payment	$215.34