Question: While buying a new car, Alexis made a down payment of $1,100 and agreed to make month-end payments of $300 for the next 3 years

While buying a new car, Alexis made a down payment of $1,100 and agreed to make month-end payments of $300 for the next 3 years and 9 months. She was charged an interest rate of 4% compounded semi-annually for the entire term.

a. What was the purchase price of the car?

b. What was the total amount of interest paid over the term?

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