You have saved $3,787 for a down payment on a new car. The monthly payment you can afford is $306. You will make payments for 48 months (starting 1 month from today). If the relevant interest rate is 1% per month (this is an Effective Monthly Rate), the price of the car you can afford (taking into account the down payment as well) is $ Hint: Loan problems are typically PV annuity problems, where the amount you are borrowing is the PV of the series of future payments. Margin of error for correct responses: +/.05 Rounding and Formatting instructions: Do not enter dollar signs, percent signs, commas, X, or any words in your response. Do not round any intermediate work, but round your "final* response to 2 decimal places (example: if your answer is 12.3456,12.3456%, or $12.3456, you should enter 12.35 )