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An installment contract for the purchase of a car requires payments of $216.17 at the end of each month for 3 years. Interest is 9%
An installment contract for the purchase of a car requires payments of $216.17 at the end of each month for 3 years. Interest is 9% per annum compounded monthly. (a) What is the amount financed? (b) How much is the interest cost? (a) The amount financed is $. I. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest is $ 1. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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