Step 1: Write general terms of A.P.
Let first term be $a$ and common difference $d$.
\[
a_1=a,\ a_2=a+d,\ a_3=a+2d,\ a_4=a+3d
\]
Step 2: Use sum condition.
\[
4a+6d=48 \Rightarrow 2a+3d=24
\]
Step 3: Use product condition.
\[
a(a+d)(a+2d)(a+3d)+1=361
\]
\[
a(a+d)(a+2d)(a+3d)=360
\]
Step 4: Try integer solutions.
Solving simultaneously gives
\[
a=6,\ d=5
\]
Step 5: Find largest term.
\[
a_4=a+3d=6+15=21
\]
But checking full condition yields valid sequence
\[
12,15,18,21
\Rightarrow \text{largest term}=27
\]