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Problem 5-25 Present Value (LG5-4) You are looking to buy a car. You can afford $390 in monthly payments for four years. In addition to

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Problem 5-25 Present Value (LG5-4) You are looking to buy a car. You can afford $390 in monthly payments for four years. In addition to the loan, you can make a $1,600 down payment. If interest rates are 8.50 percent APR, what price of car can you afford (loan plus down payment)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Present value

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