Tian can afford to put a down payment of $8,000 on a car. He can also afford to make monthly payments of $218.52 at the end of each month for the next five years. If Tian is quoted an annual interest rate of 4.49%, what is the highest price he can afford to pay for a car? Group of answer choices $19,724.14 $11,724.14 $14,118.14 $5,330.13

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Tian can afford to put a down payment of $8,000 on a car. He can also afford to make monthly payments of $218.52 at the end of each month for the next five years. If Tian is quoted an annual interest rate of 4.49%, what is the highest price he can afford to pay for a car?
Group of answer choices
$19,724.14
$11,724.14
$14,118.14
$5,330.13
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