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You want to buy a new car, but you can make an initial payment of only $2,900 and can afford monthly payments of at most

You want to buy a new car, but you can make an initial payment of only $2,900 and can afford monthly payments of at most $625.

a. If the APR on auto loans is 9% and you finance the purchase over 36 months, what is the maximum price you can pay for the car?

Note: Do not round intermediate calculations. Round your answer to 2 decimal places.

b. How much can you afford if you finance the purchase over 48 months?

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