(Appendix 1) You have just purchased a new car, making a down payment of $6,000 and financing the balance of the purchase cost on an installment credit plan. According to the credit agreement, you will pay $900 per month for a period of 60 months. If the credit agreement is based on a monthly in¬ terest rate of 1 percent, what is the cost of the car?

 LO.1