Question: While buying a new car, Gabrielle made a down payment of $700 and agreed to make month-end payments of $330 for the next 4 years

While buying a new car, Gabrielle made a down payment of $700 and agreed to make month-end payments of $330 for the next 4 years and 6 months. He was charged an interest rate of 5% compounded semi-annually for the entire term.

What was the purchase price of the car?

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

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