Question: You have saved $5,403 for a down payment on a new car. The monthly payment you can afford is $411. You will make payments for

You have saved $5,403 for a down payment on a new car. The monthly payment you can afford is $411. You will make payments for 48 months (starting 1 month from today). If the relevant interest rate is 0.84% 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 answers: +/-.05. Do not enter commas or a dollar sign. Do not round any intermediate work. Round your final answer to 2 decimal places (ex: if your answer is 12.345678 then you should enter 12.35)

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