Question
A local moving service recently purchased a van by securing a loan with semiannual payments of $3200 per semiannual period for 5 years at 10% per year compounded semiannually.
What was the purchase price of this van? (Round your answer to the nearest cent.)
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Transcribed Image Text

A local moving service recently purchased a van by securing a loan with semiannual payments of $3200 per semiannual period for 5 years at 10% per year compounded semiannually. What was the purchase price of this van? (Round your answer to the nearest cent.)