Question: While buying a new car, Corey made a down payment of $700.00 and agreed to make month-end payments of $300.00 for the next 4 years

While buying a new car, Corey made a down payment of $700.00 and agreed to make month-end payments of $300.00 for the next 4 years and 8 months. If she was charged an interest rate of 4.00% compounded quarterly for the entire term, answer the following, rounding to the nearest cent.

a. What was the cost of the car when Corey purchased it?

Round to the nearest cent

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

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