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Problem 5-25 Present Value (LG5-4) You are looking to buy a car. You can afford $440 in monthly payments for four years. In addition to

Problem 5-25 Present Value (LG5-4)

You are looking to buy a car. You can afford $440 in monthly payments for four years. In addition to the loan, you can make a $1,100 down payment. If interest rates are 7.25 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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