Suppose that at the beginning of this month you purchased a used car and borrowed the entire amount needed to pay for the car. To repay this loan your payments will be $500 at the end of each month for the next five years. The interest charged on the loan is 4.8%/year compounded monthly. What was the purchase price of the car?

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ISBN:9780470458365
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Problem 11:

Suppose that at the beginning of this month you purchased a used car and borrowed the entire amount needed to pay for the car. To repay this loan your payments will be $500 at the end of each month for the next five years. The interest charged on the loan is 4.8%/year compounded monthly.
What was the purchase price of the car?

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