Lupe made a down payment of $1800 toward the purchase of a new car. to pay the balance of the purchase price, she has secured a loan from her bank at the rate of 10%/year compounded monthly. under the terms of her finance agreement she is required to make payments of $220/month for 36 months. what is the cash price of the car?

$ 9486.3354

Step-by-step explanation:

Given,

Payment per month =  $ 220,

Number of months = 36,

Total payment = 220 × 36 = $7920,

Let P be the present value of the loan,

Here, annual rate = 10% = 0.01,

So, monthly rate, r =

Number of months, n = 36,

Thus, total payment,

∵ A = $7920,

Hence, the case price of the car = P + down payment

= 7686.3354 + 1800

= $ 9486.3354

≈ $ 9486.36

idk this answer sorry cant on this one.

step-by-step explanation: