XYZ Construction Inc. wants to purchase a new pick-up truck. The price for the new truck is $42,697. The dealer allows XYZ to trade-in the old truck for $7,556. XYZ can payback the remaining balance through a 4-year payment plan. Given the agreed interest rate is 3%:

How much is the monthly payment?

Also, If XYZ can only pay $785 monthly, and the dealer does not accept trade-in, given 3% interest rate, how much of the new pick-up truck can XYZ afford?