PV AND LOAN ELIGIBILITY

You have saved $$5,000$ for a down payment on a new car. The largest monthly payment you can afford is $$450.$ The loan will have a $11\%$ APR based on end$-$of$-$month payments.

a$.$ What is the most expensive car you can afford if you finance it for $48$ months? Do not round intermediate calculations. Round your answer to the nearest cent.

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b$.$ What is the most expensive car you can afford if you finance it for $60$ months? Do not round intermediate calculations. Round your answer to the nearest cent.

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