Question: You have saved $4,135 for a down payment on a new car. The monthly payment you can afford is $316. You will make payments for

You have saved $4,135 for a down payment on a new car. The monthly payment you can afford is $316. You will make payments for 48 months (starting 1 month from today). If the relevant interest rate is 1% 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 $_______________.

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