Question: Present value. A smooth - talking used - car salesman who smiles considerably is offering you a great deal on a pre - owned car.

Present value. A smooth-talking used-car salesman who smiles considerably is offering you a great deal on a "pre-owned" car. He says, "For only 5 annual payments of $2,700, this beautiful 1998 Honda Civic can be yours." If you can borrow money at 8%, what is the price of this car? Assume the payment is made at the end of each year.
If you can borrow money at 8%, what is the price of this car?
$ (Round to the nearest cent.)
Present value. A smooth-talking used-car salesman who smiles considerably is offering

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