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QUESTION 3.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

QUESTION 3.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.

part 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? Note: Do not round intermediate calculations. Round your answer to 2 decimal places.

part b. How much can you afford if you finance the purchase over 48 months? Note: Do not round intermediate calculations. Round your answer to 2 decimal places.

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