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You want to buy a new car, but you can make an initial payment of...

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Finance

You want to buy a new car, but you can make an initial payment of only $2,300 and can afford monthly payments of at most $475.

a. If the APR on auto loans is 9% and you finance the purchase over 36 months, what is the maximum price you can pay for the car? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

b. How much can you afford if you finance the purchase over 48 months? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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