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You have saved 5000 for a down payment on a new car the

Present Values and loan eligibility

You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $350. The loan will have a 11% APR based on end-of-month payments.

a. What is the most expensive car you could afford if you finance it for 48 months? Round your answer to the nearest cent. $ ________

b. What is the most expensive car you could afford if you finance it for 60 months? Round your answer to the nearest cent. $ ________

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