While buying a new car, Derek made a down payment of $1,000.00 and agreed to make month-end payments of $310.00 for the next 3 years and 6 months. If he was charged an interest rate of 4.00% compounded quarterly for the entire term, answer the following, rounding to the nearest cent. a. What was the cost of the car when Derek purchased it? $14,738.65 Round to the nearest cent b. What was the total amount of interest paid over the term? $718.65 X Round to the nearest cent

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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While buying a new car, Derek made a down payment of $1,000.00 and agreed to make
month-end payments of $310.00 for the next 3 years and 6 months. If he was charged
an interest rate of 4.00% compounded quarterly for the entire term, answer the
following, rounding to the nearest cent.
a. What was the cost of the car when Derek purchased it?
$14,738.65
Round to the nearest cent
b. What was the total amount of interest paid over the term?
$718.65 X
Round to the nearest cent
Transcribed Image Text:While buying a new car, Derek made a down payment of $1,000.00 and agreed to make month-end payments of $310.00 for the next 3 years and 6 months. If he was charged an interest rate of 4.00% compounded quarterly for the entire term, answer the following, rounding to the nearest cent. a. What was the cost of the car when Derek purchased it? $14,738.65 Round to the nearest cent b. What was the total amount of interest paid over the term? $718.65 X Round to the nearest cent
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