Suppose you have saved $4,000 for a down payment on a new car. The largest monthly payment you can afford is $350. The loan will have a 24% APR based on end-of-month payments.

Use a financial calculator to determine the most expensive car you can afford if you finance it for 36 months versus 48 months.

Months Financed	Maximum Car Price
36
48

If you finance the car for a longer period of time, you can afford a more expensive car.

True

False