24. You have saved $4,000 for a down payment on a new car. The largest monthly payment you can afford is $350. The loan will have a 12% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months

The most expensive car can be afforded is = $17290.89

Explanation:

The down payment of a new car = $4000

The mothly payment (annuity ) = $350

Interest rate on the rate = 12% = 12% / 12 per month.

Now we have to calculate the most expensive car that can be afforded with the finance time of 48 months.  

Below is the calculation:

borrow money from the government then pay the government back 5k

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