document.write( "Question 1185062: Maxwell buys a used car by paying a down payment of $5,000 and instalment of $850 a month for 3 years. The first instalment is paid one month after the time of purchase. If the interest rate is 9% per year compounded monthly, find the purchase price of the used car \n" ); document.write( "
Algebra.Com's Answer #815786 by Theo(13342)\"\" \"About 
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down payment is 5000
\n" ); document.write( "payments are 850 a month for 3 years.
\n" ); document.write( "payments are at the end of each month.
\n" ); document.write( "interest rate is 9% per year compounded monthly.\r
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\n" ); document.write( "\n" ); document.write( "the monthly interest rate is 9/12 = .75%
\n" ); document.write( "the number of time periods of the loan is 36 months.
\n" ); document.write( "the end of each month payment is 850.
\n" ); document.write( "you are looking for the present value of the loan.
\n" ); document.write( "using the calculator at , the present value of the loan is 26,729.78.
\n" ); document.write( "add 5000 down payment to that and the price of the car is 31,729.78.\r
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\n" ); document.write( "\n" ); document.write( "inputs to loan calculator.\r
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\n" ); document.write( "\n" ); document.write( "output from loan calculator.\r
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\n" ); document.write( "\n" ); document.write( "this can also be done by formula.
\n" ); document.write( "the formula used is in the link.
\n" ); document.write( "if you need assistance with how to use the formula, let me know.\r
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