You are financing a car worth $27594.57 including tax. The interest rate is 5.19% compounded daily. Payments are monthly and made at the end of the month. You will own the car in 5 years. You have a down payment of $4551. Calculate the total amount paid for the car if purchased and financed with monthly payments for the length of your financing loan. (Purchase price = down payment + total of all payments made) Round your answer to two decimal places. Do not enter the dollar sign. Sample input: 24562.23
You are financing a car worth $27594.57 including tax. The interest rate is 5.19% compounded daily. Payments are monthly and made at the end of the month. You will own the car in 5 years. You have a down payment of $4551. Calculate the total amount paid for the car if purchased and financed with monthly payments for the length of your financing loan. (Purchase price = down payment + total of all payments made) Round your answer to two decimal places. Do not enter the dollar sign. Sample input: 24562.23
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![You are financing a car worth $27594.57 including tax. The interest rate is 5.19% compounded
daily. Payments are monthly and made at the end of the month. You will own the car in 5 years.
You have a down payment of $4551.
Calculate the total amount paid for the car if purchased and financed with monthly payments
for the length of your financing loan. (Purchase price = down payment + total of all payments
made)
Round your answer to two decimal places. Do not enter the dollar sign. Sample input: 24562.23](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6c59c1b1-393b-4825-b00f-fdb7904180a8%2Ff0e2b6ee-3886-4041-90dd-c7eb32979a33%2Fisiw5e8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You are financing a car worth $27594.57 including tax. The interest rate is 5.19% compounded
daily. Payments are monthly and made at the end of the month. You will own the car in 5 years.
You have a down payment of $4551.
Calculate the total amount paid for the car if purchased and financed with monthly payments
for the length of your financing loan. (Purchase price = down payment + total of all payments
made)
Round your answer to two decimal places. Do not enter the dollar sign. Sample input: 24562.23
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