Question: Please answer this question with clear step by step and also explain each step in words for more understanding You want to buy a new

Please answer this question with clear step by step and also explain each step in words for more understanding

You want to buy a new car. You can make an initial payment of $5,000 and can afford monthly payments of at most $500. If the APR on auto loans is 3.99% and you finance the purchase over 48 months, what is the maximum price you can pay for the car?

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