Dave Krug finances a new automobile by paying $5,500 cash and agreeing to make 20 monthly payments of $490 each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What is the cost of the automobile? (PV of $1, FV of $1, PVA of $1, and FVA of $1)

Monthly Payment		Table Factor		Present Value of Loan
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Table Values are Based on:
n	=
i	=
Present Value of Loan		Cash Down Payment		Cost of the Automobile
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