Question 1103064
Let {{{ C }}} = the cash price of the car
Let {{{ A }}} = the cost of the loan
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The loan was done after the down payment
so the amount loaned was {{{ C - 1800 }}}
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{{{ A = 210*48 = 10080 }}}
Use the formula
{{{ A = P*( 1 + r/n )^(n*t) }}}
{{{ 10080 = ( C - 1800 )*( 1 + .11/12 )^( 12*4 ) }}}
{{{ 10080 = ( C - 1800 )*1.009167^48 }}}
{{{ 10080 = ( C - 1800 )*1.5496 }}}
{{{ C - 1800 = 6504.9127 }}}
{{{ C = 8304.91 }}}
The cash price of the car was $8,304.91
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