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Show your work. Prompt: You wish to purchase a vehicle. - You can afford $667.33 per month for a vehicle payment. - Five (5) years

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Show your work. Prompt: You wish to purchase a vehicle. - You can afford $667.33 per month for a vehicle payment. - Five (5) years ( 60 months) is the most you can pay for a vehicle. - Your cost of borrowing is a 12% annual rate. Assuming there is no down payment or trade-in. What is the value or purchase price of a vehicle you can afford? Round your answer to the nearest $100. (Hint - find the Present Value.)

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