Dave Krug finances a new automobile by paying $6,500 cash and agreeing to make 40 monthly payments of $500 each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What is the cost of the automobile?
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Dave Krug finances a new automobile by paying $6,500 cash and agreeing to make 40 monthly payments
of $500 each, the first payment to be made one month after the purchase. The loan bears interest at an annual
rate of 12%. What is the cost of the automobile?
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