Problem 4-60 Calculating Annuity Values After deciding to get a new car, you can either lease the car or purchase it with a two-year loan. The car you wish to buy costs $36,500. The dealer has a special leasing arrangement where you pay $102 today and $502 per month for the next two years. If you purchase the car, you will pay it off in monthly payments over the next two years at an APR of 6 percent, compounded monthly. You believe that you will be able to sell the car for $24,500 in two years.

What is the cost today of purchasing the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Cost of purchasing $ _____