Question 6 of 6 While buying a new car, Diana made a down payment of
$1,100
and agreed to make month-end payments of
$280
for the next 3 years and 5 months. He was charged an interest rate of
4%
compounded semi-annually for the entire term. a. What was the purchase price of the car?
◻
Round to the nearest cent b. What was the total amount of interest paid over the term?

Question

Question 6 of 6 While buying a new car, Diana made a down payment of

$1,100

and agreed to make month-end payments of

$280

for the next 3 years and 5 months. He was charged an interest rate of

4%

compounded semi-annually for the entire term. a. What was the purchase price of the car?

◻

Round to the nearest cent b. What was the total amount of interest paid over the term?

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