Question: You have $3000 available for a down payment on a car and have determined that you can afford up to $500 per month for auto

You have $3000 available for a down payment on a car and have determined that you can afford up to $500 per month for auto financing costs. If your bank has quoted a 6% APR rate on a 48-month car loan, the maximum car you can afford?

a)$24000

b)$21290

c)$24290

d)$27000

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