Question: While buying a new car, James made a down payment of $800 and agreed to make month-end payments of $270 for the next 5 years

While buying a new car, James made a down payment of $800 and agreed to make month-end payments of $270 for the next 5 years and 5 months. She was charged an interest rate of 5% compounded semi-annually for the entire term.

What is the purchase price?

Monthly interest payment

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