Exercise B-9 (Algo) Present value of an annuity LO P3 Dave Krug finances a new automobile by paying $7,400 cash and agreeing to make 40 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.) Monthly Payment Answer is complete but not entirely correct. Table Factor 32.8400 Present Value of Loan 16,420.00 $ 500 Table Values are Based on: n = 40 i = 1% $ Present Value of Loan Cash Down Payment 16,420.00 + $ 7,400 = $ Cost of the Automobile 23,820.00