I have budgeted that I can afford a car payment of $325 per month. I will be taking out a 5 year car loan, at 4 1/2%.

I have budgeted that I can afford a car payment of $325 per month. I will be taking out a 5 year car loan, at 4 1/2%. What is the most I can afford to pay for my new car, assuming I get $8,500 in trade-in value for my old one? Show your work.

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