You have saved $$3,869$ for a down payment on a new car. The monthly payment you can afford is $$365.$ You will make payments for $48$ months $($starting $1$ month from today$).$ If the relevant interest rate is $0\mathrm{.}22\%$ per month $($this is an Effective Monthly Rate$),$ the price of the car you can afford $($taking into account the down payment as well$)$ is $

Hint: Loan problems are typically PV annuity problems, where the amount you are borrowing is the PV of the series of future payments.

Margin of error for correct responser: $\frac{+}{-}\mathrm{.}05$