To pay the balance of the purchase price

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Reference no: EM131878658

Lupe made a down payment of $8000 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 5%/year compounded monthly. Under the terms of her finance agreement she is required to make payments of $480/month for 36 months. What is the cash price of the car? (Round your answer to the nearest cent.)

Reference no: EM131878658

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