4-38 An engineering student bought a car at a local used car lot. Including tax and insurance, the total price was $19,999. He is to pay for the car in 16 equal monthly payments, beginning with the first payment immediately (the first payment is the down payment). Nominal interest on the loan is 9%, compounded monthly. Immediately after making the down payment and six more payments he decides to sell the car. A buyer agrees to pay off the loan in full and to pay the engineering student $1500. If there are no penalty charges for this early payment of the loan, how much will the car cost the new buyer