You are taking out a car loan and will make payments of $346 each month (beginning one month from today), for a total of 60 monthly payments. If the interest rate on the loan is 1.38% (the effective monthly rate on this loan), how much are you borrowing to buy the car? [Hint: Loan problems are typically PV annuity problems, where the amount you are borrowing is the PV of the series of future payments.]

Do not round any intermediate work. Round your final answer to 2 decimal places (ex: if your answer is 12.345678 then you should enter 12.35). Margin of error for correct answers: +/- .03.