You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $500. The loan will have a 10% APR based on end-of-month payments.
What is the most expensive car you could afford if you finance it for 48 months? Round your answer to the nearest cent.
$
What is the most expensive car you could afford if you finance it for 60 months? Round your answer to the nearest cent.
$