PV AND LOAN ELIGIBILITY
You have saved $5,000 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.
What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent.
$
What is the most expensive car you can afford if you finance it for 60 months? Do not round intermediate calculations. Round your answer to the nearest cent.
$