The largest monthly payment you can afford

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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.

Reference no: EM131341987

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