Question: You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $300. The loan will have

You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $300. The loan will have a 8% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 60 months?

Answer: $19,795.53

Please show all work and formulas used with a calculator, not excel.

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