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An installment contract for the purchase of a car requires payments of $251.52 at the end of each month for 4.5 years. Interest is 7%
An installment contract for the purchase of a car requires payments of $251.52 at the end of each month for 4.5 years. Interest is 7% per annum compounded monthly (a) What is the amount financed? (b) How much is the interest cost? (a) The amount financed is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
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