Miguel can afford to pay $$175\mathrm{.}00$ per month for a car. He has $$5,000\mathrm{.}00$ saved up for

a down payment. His bank is offering amortized car loans for $1\mathrm{.}375\%$ compounded

monthly.

If he takes out a $5-$year loan, what is the price of the most expensive car he can afford?

$

How much will the car cost him in total?

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Summary