You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $400. The loan will have a 11% APR based on end-of-month payments.

1. What is the most expensive car you could afford if you finance it for 48 months? Round your answer to the nearest cent.

$

1. What is the most expensive car you could afford if you finance it for 60 months? Round your answer to the nearest cent.

$