You have saved $6,097 for a down payment on a new car. The monthly payment you can afford is $471. You will make payments for 48 months (starting 1 month from today). If the relevant interest rate is 0.63% 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: This problem is similar to #5, except that in this case you are bringing some cash to the car dealership that will go toward the purchase (in addition to whatever you are borrowing).]

Margin of error for correct answers: +/- .05.