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You are willing to pay $960 monthly for a car loan and currently have $2,000 that can be used toward down payment. You are
You are willing to pay $960 monthly for a car loan and currently have $2,000 that can be used toward down payment. You are offered a three-year loan at an APR of 5%. Loan payments are to be paid monthly. What is the maximum car price that you can afford? Note: Show your answer in units of dollars, use plain numbers with at least two digits after the decimal (e.g., for $12,345.67, type 12345.67).
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