What was the purchase price of the car

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Question - While buying a new car, Steven made a down payment of $1,000 and agreed to make month-end payments of $290 for the next 4 years and 7 months. He was charged an interest rate of 4% compounded semi-annually for the entire term.

Required -

a. What was the purchase price of the car?

b. What was the total amount of interest paid over the term?

Reference no: EM133129644

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