Problem 5-28 Annuities (LO3) You want to buy a new car, but you can make an initial payment of only $1,300 and can afford monthly payments of at most $825. a. If the APR on auto loans is 9% and you finance the purchase over 36 months, what is the maximum price you can pay for the car? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Maximum price b. How much can you afford if you finance the purchase over 48 months? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Maximum price You invest $1,900 at a 6% annual interest rate, stated as an APR. Interest is compounded monthly. How much will you have in 1 year? In 1.5 years? (Do not round intermediate calculations. Round your answers to 2 decimal places.) 1 year 1.5 years