Problem
A student has a job that leaves her with $500 per month in disposable income. She decides that she will use the money to buy a car. Before looking for a car, she arranges a 100% loan whose terms are $500 per month for 36 months at 18% annual interest. What is the maximum car purchase price that she can afford with her loan?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.