Exercise B$-9($Algo$)$ Present value of an annuity LO P$3$

Dave Krug finances a new automobile by paying $$6,300$ cash and agreeing to make $10$ monthly

payments of $$500$ 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)($Use appropriate factor$($s$)$ from the tables provided. Round "Table

Factor" to $4$ decimal places.$)$