Complete the following problems using either a financial calculator or a spreadsheet program. Do not use interim rounding, state your answers as positive values, to two decimal places for dollar or period values and four places for percentages stated as decimals; do not label answers with symbols such as $ or %. For example, 10.5% should be input as .1050.

If he wants to buy a car and determines she can afford to pay $260.78 a month for a 4 year loan. The rate on such a loan is 0.0452. How much money can he borrow?